Federal Funding of $183M Secured for St. Catharines Affordable Housing Development
A $183 million investment from the federal government supports the construction of 492 affordable housing units in St. Catharines. Key partnerships include Elevate Living, local housing federations, and Niacon Ltd., with additional financial incentives from the city and Niagara Region.
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The federal government has allocated $183 million through the Co-operative Housing Development Program for a 492-unit affordable housing project in St. Catharines, led by Elevate Living and Niacon Ltd.
The City of St. Catharines waived building permit fees up to $743,499 and approved tax rebates as part of a community improvement plan. Niagara Region will provide matching funding of 45% to 65% of the tax increment for ten years based on the number of affordable units created.
The development will feature studio to three-bedroom homes with various amenities and aims to utilize geothermal systems for sustainability. This initiative marks the largest federal investment in co-op housing in over three decades, reflecting a significant commitment to affordable housing solutions.
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