Peterborough, ON – The Government of Canada, the Government of Ontario and the City of Peterborough announced funding to build and repair affordable homes in Peterborough. The federal government is providing more than $42 million through the National Housing Co-Investment Fund (NHCF) and the Rapid Housing Initiative (RHI) to support over 1,000 homes.
Additionally, the federal and the provincial governments are jointly investing over $1.8 million through the Ontario Priorities Housing Initiative (OPHI), and over $2.4 million through the Canada – Ontario Community Housing Initiative (COCHI); an initiative of the Canada-Ontario Bilateral Agreement under the National Housing Strategy. The city of Peterborough is also providing over $5 million.
The announcement took place at 681 Monaghan Road, where the City of Peterborough is building a new 6 storey building that will include 53 units: 37 one-bedroom, 11 two-bedroom and 5 three-bedroom units with amenity space and utilities on the ground floor. This project received $18.9 million in federal funding through the third round of the Rapid Housing Initiative (RHI3), $40,000 in SEED funding, $854,810 through the Ontario Priorities Housing Initiative (OPHI) and over $4 million from the City of Peterborough. The project, which is expected to be completed by Summer 2024, will be home to vulnerable populations in Peterborough, including Black Canadians, people with disabilities, Indigenous Peoples, homeless people or those at risk of homelessness.
The second portfolio of projects, located at various locations in Peterborough, is owned and operated by the Peterborough Housing Corporation and will include the repair of 945 homes, all affordable, with more than 30% of the units allocated to women and children. Additionally, at least 20% of units within the portfolio will be accessible and the repairs will achieve a minimum reduction of 25% in energy consumption and greenhouse gas emissions. The Government of Canada is contributing nearly $3.5 million through the National Housing Co-Investment Fund (NHCF), a key pillar of the National Housing Strategy, and the Peterborough Housing Corporation and the City of Peterborough are providing over $8 million to the project. Repairs of the units are expected to be completed by December 2025.
The third project is a six-storey building located at 555 Bonaccord Street, known as Hunt Terraces, which has 85 units in total, including one- and two-bedroom units for people experiencing homelessness. The project received $19.8 million through the National Housing Co-Investment Fund (NHCF) and $50,000 in SEED funding. The project, which opened its door to residents in April 2023, also received $1.4 million from the City of Peterborough, over $2.4 million through the Canada – Ontario Community Housing Initiative (COCHI), over $1 million through the Ontario Priorities Housing Initiative (OPHI), $3.2 million from the Peterborough Housing Corporation, and over $1 million in municipal investments. The Ontario government is providing an additional $177,958 through the Homelessness Prevention Program (HPP).
Quotes:
“Through the National Housing Strategy’s diverse programs, our government is investing in affordable housing here in Peterborough and across the country. These projects will help many vulnerable communities to access the affordable housing they deserve and will help improve the quality of life for those who need it most. This is one of the many ways our government’s National Housing Strategy is ensuring that no one is left behind.” – The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities
“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. 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.” – Peter Fragiskatos, Parliamentary Secretary to the Minister of Housing, Infrastructure and Communities and Member of Parliament for London North Centre
“The Ontario government is taking action to ensure Peterborough’s housing needs are met, with historic levels of funding in housing and homelessness prevention that recognizes the city’s unique needs. Supportive and affordable housing ensure our most vulnerable have access to housing that meets their needs, a critical component of our commitment to build at least 1.5 million new homes by 2031.” – The Honourable Paul Calandra, Ontario’s Minister of Municipal Affairs and Housing
“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. Today’s announcement ensures that people in our community have access to affordable housing that provides a safe and supportive environment.” – Dave Smith, Member of Provincial Parliament for Peterborough–Kawartha
“The City of Peterborough has a housing crisis. We have a vacancy rate of 1.1%, 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.” – Jeff Leal, Mayor of Peterborough
“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.” – Keith Riel, Ward 4 Councillor, City of Peterborough