AJAX: The Government of Canada is giving a $168.5 million insured loan to help construct two new multi-residential buildings in Ajax.
The project, developed by Medallion Developments and located at 100 Bayly Street, includes a 23-storey and 19-storey residential building, and will provide Ajax with approximately 551 new units of much needed rental housing close to public transit, schools and services for families.
The project received funding through CMHC’s Rental Construction Financing initiative (RCFi), a National Housing Strategy program that supports rental housing construction projects to encourage a stable supply of rental housing for middle-class families in expensive housing markets.
This project is the second phase of a three-phase master plan development known as the Vision at Pat Bayly Square. The Government of Canada previously provided a $60 million loan for the first phase of this master plan, to help build 308 new rental units.
Hussen said: “Our government is taking action to increase the supply of rental housing through projects like the one we are announcing today in Ajax. This new rental housing will provide families better access to jobs, services and the amenities they need. This is the National Housing Strategy at work.”
Mark Holland, Member of Parliament for Ajax, said: “By providing financing for new rental housing builds like we have for the Vision at Pat Bayly Square,, our government is taking action to not only increase the supply of new rental developments, but to also provide housing options that are closer to jobs, services and amenities for middle-class families right here in Ajax, the surrounding regions and across Canada. This is a transformational investment in our local community, and is desperately needed.”