Artwalk condos . The federal government allocates 178 million low-interest loans. The Canadian Government has allocated over $178 million in low-interest loans to support the construction of a building with about 412 rental residential units in Toronto to help middle-class families find affordable accommodation to solve the housing demand problem.
The announcement was made by Ahmed Hussen, the federal minister for family, children and social development, and Rob Oliphant, parliamentary secretary to the foreign minister and member of parliament. This brand new rental building is located at 100 Broadway Avenue, close to schools, parks and Toronto bus services, and is suitable for middle-class families and individuals.
The project was undertaken by the developer The R.W. One Hundred Development Corporation and built in partnership with Reserve Properties and Westdale Construction. The new building has about 412 units, 116 parking spaces in the two-storey underground car park, 150 residential storage rooms and 412 bicycle parking facilities.
The interior of the building will include a game room, a theater, a gym, a social lounge, a joint office space, a private dining area and a children’s club. Outside there is a dining area, a number of barbecue tables with an outdoor terrace, a sitting area with a fire pit, a yoga area and a children’s play area. In addition, through the agreement signed with the city of Toronto, a 8000 square foot park will be built directly outside the building.
The project is funded through the Canadian Government’s Lease Construction Finance Scheme (RCFi), a national housing policy programme that supports the construction of rental buildings to enable middle-class families to rent affordable buildings in the expensive property market.
Husen said that every Canadian should have a safe and affordable home, so the government is taking action not only to increase the development of new rental buildings, but also to provide a choice of buildings. it is convenient for middle-class people to go to work, have access to services and use amenities. According to information, the 2021 federal budget plans to allocate 300 million yuan from the lease construction financing scheme in the next two years to support the conversion of vacant commercial properties into 800 market-based rental units.
Due to the changing demand for retail and offices caused by the COVID-19 epidemic, some owners, especially in the central areas of major cities, are facing higher vacancy rates, and owners and communities are now discussing the conversion of vacant units into rental buildings.