Canada Mortgage and Housing Corporation, along with the federal government, have followed up on their previously announced boost for housing in Peterborough, with the introduction of a new $18.4 million investment in the construction of another residential building at 191-203 Rink Street and 59-63 Olive Avenue.
Developed by Ashburnham Realty, the Sawmill Residence is a six-storey residential building that will add some much-needed rental housing supply to the Peterborough market.
“Affordable, accessible housing is a priority for the City of Peterborough,” Mayor Diane Therrien said. “We are grateful to Ashburnham Realty for recognizing the importance of the private sector in providing housing to all. We thank the Government of Canada for continuing to invest in housing in our community. Housing is a human right and we will continue working to ensure that everyone has a safe place to live.”
Read more: Governments announce new investment in Peterborough housing
The investment was coursed through CMHC’s Rental Construction Financing initiative, which aims to boost the supply of rental housing aimed at middle-class families, in support of the National Housing Strategy.
“As a well-planned, multi-generational project, the Sawmill Residence will offer fresh housing options for families and individuals in the very heart of our community,” said Maryam Monsef, Minister of Rural Economic Development and Minister for Women and Gender Equality. “We all know that adequate and affordable housing is foundational for people in our region and is a sign of a strong and resilient Canada. As we build back better, we must leave no-one behind.”