Prime Minister Justin Trudeau announced an investment of nearly $120 million to help build a new 26-storey multi-residential, energy-efficient building in Brampton on Tuesday. This project is expected to help over 300 local families find rental housing units.
“We know that finding an affordable place to live is a challenge for many Canadians in communities across the country, said Trudeau. Today’s announcement is great news for families in Brampton. We will keep working to ensure that everyone can find a place to live, raise their families, and build their future.”
The project announced on Tuesday is located at 40 Lagerfeld Drive in Brampton and will be developed by The Daniels Corporation and the Choice Properties Real Estate Investment Trust (REIT). The Daniels Corporation has built more than 30,000 homes and condominiums in the Greater Toronto Area over the last 35 years. Choice Properties REIT is one of the largest REITs in Canada.
“Every Canadian deserves a place to call home,” said Ahmed Hussen, Minister of Families, Children and Social Development. “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.”
The announcement is part of the Rental Construction Financing Initiative, which supports rental housing construction projects across the country by providing low-cost, insured loans to developers and municipalities in places where there is a need for additional rental housing units.