A new apartment building brings 120 new homes to Langford’s downtown core this spring.
The Canada Mortage and Housing Corporation (CMHC) said they will provide $31.5 million as a low interest insured loan to help build Orono Place Apartments, a five-storey building at 854 Orono Ave.
One-bedroom suites will start at $1,260 per month, and two-bedroom apartments at $1,554 – 10 per cent below market rate.
“Every community across this country has the right to safe and affordable roof over their heads,” said Maryam Monsef, Minister of Rural Economic Development and Minister for Women and Gender Equality, during the announcement Monday. “We leave it up to municipalities to come forward to the federal government to apply for funds and build affordable, accessible and energy efficient units like the ones we are celebrating today.”
Orono Place is designed to be 26.2 per cent more energy efficient and reduce greenhouse gas emissions of 21 per cent compared to the 2015 building codes.
As part of the RCFi, a national Housing Strategy initiative by the CMHC, at least 35 homes will stay at or below 30 per cent of the median income level of the area for at least 11 years.
Since its launch in April 2017, the RCFi has encouraged the construction of 42,500 new rental housing units across Canada.
Orono developer Danny Jadresko, president of Woodsmere Holdings Corp., reiterated how excited he was to help reduce the shortage of affordable rental homes in Langford.
“This is the city where families go for affordable housing and we’re building it from the ground up,” said Mayor Stew Young said during the announcement.
Units at Orono are currently 70 per cent full and will begin moving residents in by April.