The Caradoc Housing Corporation (CHC) is thrilled to announce that its $10M project to develop new affordable and market rent housing units will be funded through CMHC’s National Housing Co-Investment Funding stream.
The 37-unit project will consist of a mix of studio, one, and two bedroom apartments on part of 22647 Adelaide Road, Mount Brydges. More than half of the units will be made available at 80% market rent.
The CHC has also applied to the Federation of Canadian Municipalities’ (FCM) Green Municipal Fund for funds which will incorporate components to reduce the project’s energy needs and operating costs, helping to make the project one of the most energy efficient projects ever developed in Strathroy-Caradoc.
“Affordable and market rent units are critical to our community wellbeing and our economic development strategy,” said Mayor Joanne Vanderheyden, who is also President of the CHC. “The considerable effort that has gone into bringing this project forward speaks to the power of partnerships and the commitment of FCM and CMHC to help smaller municipalities like Strathroy-Caradoc address the growing need for housing in rural Ontario.”
The CHC's partners on the project, Nicholson Sheffield Architects, Devonshire Financial, and Southside Construction, have been involved in delivering hundreds of affordable housing units in Southwestern Ontario, including some of the largest projects currently underway in London. While final details of the financing are being worked out, preparation of the site will begin and construction will proceed. There is already a wait list for the new units, which are scheduled to be available for rent in the fall of 2023.
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