Great news , hopefully we see more of this .
www.919thebend.ca
Apartment Developer Receives Federal Loan To Reduce Rents
Moncton, NB, Canada / 91.9 The Bend
Allan Dearing
Mar 30, 2021 5:32 PM
Apartment Developer Receives Federal Loan To Reduce Rents
Courtesy Lafford Properties
The developer of an apartment complex in the Lewisville area has received a $16 million low-cost loan from a federal housing program to help reduce rents.
Birch Meadows is a 76-unit building being built at 369 Highlandview Road.
Developer John Lafford says the aim is to attract mature adults as tenants.
“We’re encouraging that family dynamic. This building will be an extension of a subdivision. There will be grandchildren and grandparents will be close to their children,” according to Lafford.
Richard Tower, vice-president iQ Commercial Mortgages Strategy, says market rent would be about $1500-$2000 per unit but the federal program means some rents will be discounted.
“About half of the units will have annual rents well below 30 percent of the median household income for Moncton which is around $79,000,” he noted.
The affordable rents for at least 27 of the units will be maintained for a minimum of 21 years.
The virtual announcement was made today by Moncton-Riverview-Dieppe MP Ginette Petitpas Taylor and Ahmed Hussen, minister responsible for Canada Mortgage and Housing Corporation (CMHC).
Construction of the four-storey apartment building began last spring and is expected to be completed by this fall.
https://www.919thebend.ca/2021/03/30...-reduce-rents/