On June 14, 2024, Canadian Mortgage and Housing Corporation (CMHC) provided C$27.7 million in forgivable loans and C$21.6 million in repayable loans under the Affordable Housing Fund (AHF) program in favour of Multifaith Housing Initiative and Dream Unlimited Corp. The loans are part of a larger C$322 million provided by the Canadian Government for the construction and development of 656 homes located in Ottawa’s LeBreton Flats.
The project is a partnership between the federal government; the City of Ottawa; the Canadian real estate development company, Dream Unlimited Corp. and its Dream Impact Trust; and non-profit housing provider, Multifaith Housing Initiative. The project entails the construction of 608 new rental homes, 251 of which will be affordable housing and dedicated to Indigenous Peoples, Veterans, newcomers, adults with cognitive disabilities, and women and children. At least 31% of the units will be accessible, and the amenities and common areas will be barrier-free.
The Affordable Housing Fund (AHF) provides funding through low-interest and/or forgivable loans or contributions to partner organizations for new affordable housing and the renovation and repair of existing, affordable and community housing. This is a C$14.6 billion program under the National Housing Strategy (NHS).
Fasken advised CMHC with a team led by Elana Hahn (Banking & Finance) that included Julie Paquette (Real Estate), Hayley Larkin (Banking & Finance), Gurkirat Batth (Banking & Finance), Safa Darwich (Banking & Finance) and Nuria Cabezuelo (Real Estate).
Jurisdiction
- Ontario
