Region celebrates groundbreaking of 73 new affordable housing units in Waterloo

Waterloo Region – Today, Regional Chair Karen Redman, joined The Honourable Bardish Chagger, Member of Parliament for Waterloo, and Members of Region of Waterloo and City of Waterloo Councils, to celebrate the start of construction of a six-storey affordable housing development at 420 Kingscourt Drive in Waterloo.

The Region of Waterloo is investing more than $26 million in this project, alongside nearly $5.5 million from the Government of Canada through the National Housing Co-Investment Fund (NHCF), a program delivered by the Canada Mortgage and Housing Corporation (CMHC).

The building will offer a mix of affordability with rent geared to income, low-end market rent and 80 per cent of median market rent as set out by the Canada Mortgage and Housing Corporation (CMHC).

Constructed on the same site as an existing Waterloo Region Housing (WRH) building at 416 Kingscourt Drive, the new building will have 73 units, ranging from one to five bedrooms. Nineteen of the units will have enhanced accessibility. The project will include three new amenity spaces available to residents in both 416 and 420 Kingscourt Drive, including a 2,125 square foot seniors’ programming space.

The project is also part of the Region’s pilot Community Benefits program. The Community Benefits program will provide workforce development opportunities for members of equity-deserving groups to gain experience and employment in the construction trades. The first participants in the program are expected to join the construction team this summer.

Project completion is expected to be in February 2025. More information and project updates can be found on EngageWR.

Quotes:

“It is wonderful to see the continued progress on the development of affordable housing in Waterloo Region. This is the result of a sustained and ambitious commitment from Regional Council, as well as government and community partners. This project will make a difference in the lives of many people waiting for an affordable home in Waterloo Region. Thank you to everyone involved in making this project possible.”  

-       Karen Redman, Regional Chair, Region of Waterloo

“The Region of Waterloo believes communities thrive when everyone has a place to call home and responding to the growing demand for affordable housing is a priority for Regional Council. We also know there is a shortage of larger family units in the region. This new building will be family-oriented with 60 per cent of the units having two or more bedrooms.”

-       Jim Erb, Regional Councillor and Chair of the Community and Health Services Committee

“Every Canadian deserves a safe and affordable place to call home. Through the National Housing Co-Investment Fund, our government is investing in affordable housing here in Waterloo and across the country. This building will offer a mix of affordable and accessible units and will foster a vibrant and inclusive community that caters to families of all sizes and socio-economic backgrounds. This is one of the many ways our government’s National Housing Strategy is ensuring that no one is left behind.”

-       The Honourable Ahmed Hussen, Minister of Housing and Diversity and Inclusion.

 “In collaboration with municipal partners and local stakeholders, we are working to ensure that everyone in Waterloo and across our province has safe and affordable housing. Today’s announcement continues our government’s record of helping Ontarians find the safe and supportive housing they need.”

-       The Honourable Bardish Chagger, Member of Parliament for Waterloo.

-30-