The federal government has announced financing of $7.6 million to help build 25 residential units at 3789 Water Street in Peterborough.
Kawartha Participation Projects (KPP) — which provides housing services and supports to people with physical disabilities living in Peterborough, Kawartha Lakes, Haliburton, and Northumberland — will provide management of the building.
Peterborough-Kawartha MP Maryam Monsef made the announcement on Tuesday (August 25) via the Zoom video-conferencing platform, on behalf of Canada’s families, children and social development minister Ahmed Hussen, who is also the minister responsible for the Canada Mortgage and Housing Corporation.
“The need for housing in our community was great before COVID, it’s only increased since,” Monsef said. “We need innovative partners and solutions to address the housing needs in our community and projects like this one do just that.”
“This partnership with KPP represents the Government of Canada’s continued commitment to investing in both accessible and affordable housing here in Peterborough-Kawartha.”
Construction on the Water Street building by developer Greenleaf/Cor-Plan began in 2019 and is expected to be largely complete by summer 2021.
The building will include 14 two-bedroom units, seven three-bedroom units, two one-bedroom units, and two studio units. While the entire building will meet all municipal accessibility requirements, five of the units are earmarked for KPP clients and will be specifically designed to meet their accessibility needs.
“Our partnership with Greenleaf will allow Kawartha Participation Projects to provide affordable and accessible housing with health care supports to our clients who would otherwise be homeless or in long term care,” said KPP CEO Patrick Cooper.
The development is receiving financing through the National Housing Strategy’s Rental Construction Financing initiative being delivered by Canada Mortgage and Housing Corporation. The building is designed to achieve energy-efficiency savings of 18 per cent and greenhouse gas emission reductions of 23 per cent relative to the 2015 National Energy Code for Buildings.
“It was an easy decision to work with KPP to tenant the fully accessible suites with tenants who actually need them,” said Greenleaf/Cor-Plan president Sheldon Rokin. “We will achieve the mandated reductions in energy consumption and greenhouse gas emissions with an insulated concrete and steel building. This type of construction offers further advantages of being highly fireproof and soundproof.”
Peterborough’s rental vacancy rate in 2019 was 2.1 per cent according to CMHC’s annual rental market report.
“Peterborough has a great need for all types of housing. Solving our housing challenges requires innovative solutions and cooperation from all levels of government, as well as private partners,” added Peterborough Mayor Diane Therrien. “The funding through CMHC will add 25 residential units to our housing stock and will increase density in the north end of our city.”
