Federal, provincial governments give $4.2M to Cambridge affordable housing project

CAMBRIDGE — An affordable housing project on Hespeler Road received $4.2 million in funding from the federal and provincial governments on Monday.

Cambridge MP Bryan May and Cambridge MPP Kathryn McGarry announced the funding Monday at a groundbreaking ceremony for the affordable housing project.

The five-storey, 34-unit apartment building at 175 Hespeler Rd. is in a mixed-use neighbourhood, near parks, schools, restaurants and other amenities.

“It creates jobs in our community, and more importantly, it creates homes for those who need them most,” May said in a news release.

The affordable housing project will be funded through the investment in affordable housing agreement.

Home Concept Property Management is the project developer. It is affiliated with a local nonprofit housing provider called Housing Cambridge.

This project was approved by Cambridge council late last year as the first affordable housing development to take advantage of the city’s new affordable housing incentives.

Rental rates for 175 Hespeler Rd. will be set below market averages, according to what the city was told at the time.

There will be 14 one-bedroom apartments at $510 a month and 17 onebedrooms at $680 a month. Two-bedroom units will be available at $798 a month.

There is a 1,200-family waiting list for affordable housing in Cambridge.

Monday’s announcement also revealed a $240,000 contribution for two affordable units at the Preston Arbour condominiums in Cambridge. The units will be for those on the wait list with mental health challenges.

The federal and provincial governments will split this amount.