Three levels of government have announced over $64 million in funding to support three projects to build and repair affordable homes in Peterborough.
The announcement took place on Wednesday (October 11) during an official ground-breaking ceremony at 681 Monaghan Road, where the City of Peterborough is building a new six-storey building that will include 53 units, including 37 one-bedroom units, 11 two-bedroom units, and five three-bedroom units, along with amenity space and utilities on the ground floor.
Peter Fragiskatos, parliamentary secretary to federal housing, infrastructure, and communities minister Sean Fraser, made the announcement on behalf of the minister during the ground-breaking event, which was also attended by Peterborough-Kawartha MPP Dave Smith on behalf of Ontario municipal affairs and housing minister Paul Calandra, Peterborough mayor Jeff Leal, and Peterborough city councillor Keith Riel, chair of the city’s housing and homelessness portfolios.
Expected to be completed in summer 2024, the 681 Monaghan Road project will provide housing for vulnerable populations in Peterborough, including Black Canadians, people with disabilities, Indigenous peoples, and homeless people or those at risk of homelessness.
“With this announcement, we are supporting the needs of Indigenous peoples, seniors, people with disabilities, Black Canadians, women and their children and other vulnerable communities across Peterborough,” Fragiskatos says in a media release. “This funding will make it possible for thousands of families and individuals to access new homes, taking a crucial step towards addressing the need for affordable housing in these communities.”
The 681 Monaghan Road project received $18.9 million in federal funding through the third round of the Rapid Housing Initiative, $40,000 in SEED funding from the Canada Mortgage and Housing Corporation (CMHC), $854,810 through the Ontario Priorities Housing Initiative, and over $4 million from the City of Peterborough.
“The City of Peterborough has a housing crisis,” said Mayor Leal. “We have a vacancy rate of 1.1 per cent, lowest in Ontario today, and our average rent ranks 10th highest in Canada. This announcement is a significant first step in addressing the housing pressures our residents are facing. I want to thank the Government of Canada and the Government of Ontario for their support, and our local MP Michelle Ferreri and MPP Dave Smith for their tremendous advocacy for this project. By working together, we will keep building a better tomorrow.”
Funding was also announced for a project to repair 945 affordable housing units owned and operated by the Peterborough Housing Corporation at various locations in Peterborough, with over 30 per cent of the units allocated to women and children. At least 20 per cent of the units will be accessible and the repairs will result in at least a 25 per cent reduction in energy consumption and greenhouse gas emissions. The repairs of the units are expected to be completed by December 2025.
The Government of Canada is contributing almost $3.5 million to the project through the National Housing Co-Investment Fund, with the Peterborough Housing Corporation and the City of Peterborough contributing over $8 million.
“The funding announcement by CMHC and the Government of Ontario will allow the City of Peterborough and our housing provider Peterborough Housing Corporation to move forward on meeting and supplying much-needed housing,” Councillor Riel said.
The third project, a six-storey building located at 555 Bonaccord Street and known as Hunt Terraces, opened its doors to residents in April 2023. Hunt Terraces has 85 units in total, including one and two-bedroom units for people experiencing homelessness.
The Hunt Terraces project received $19.8 million in federal funding through the National Housing Co-Investment Fund and $50,000 in SEED funding, with $1.4 million from the City of Peterborough, over $2.4 million through the Canada – Ontario Community Housing Initiative, over $1 million through the Ontario Priorities Housing Initiative, $3.2 million from the Peterborough Housing Corporation, and over $1 million in municipal investments. The Ontario government is also providing an additional $177,958 through the Homelessness Prevention Program.
“Our government made a commitment to the people of Ontario to get the full spectrum of housing built and that includes accessible and affordable housing,” said MPP Smith. “Today’s announcement ensures that people in our community have access to affordable housing that provides a safe and supportive environment.”
