Ottawa is funding affordable rental projects that aren't actually affordable [Globe and Mail, The (Toronto, Canada)]
Cabot Corporation (CBT)
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Source: Globe and Mail, The
Listen to this article When the $86-million low-interest loan for SoHo Italia apartment tower in Ottawa was announced in the summer of 2020, the federal government press release led with the line: “Every Canadian deserves a safe and affordable place to call home.” The project would provide housing for the middle class and “those working hard to join it,” said Ahmed Hussen, the cabinet minister then responsible for the Canada Mortgage and Housing Corp., which lent the money under the largest program in the Ottawa's national housing strategy. Today, according to CMHC, all 250 units in the new building – which the SoHo's website touts as “the finest luxury rentals in the city” – meet the loan program's definition of affordability. Except the average affordable cost for a SoHo apartment exceeds what a typical renter household can actually afford to pay. That's also true for 87 of 177 rental projects approved through Ottawa's Apartment Construction Loan Program (ACLP), a Globe and
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