- What The federal government is committing $50m to finance a new apartment building in Laval
- Why The money will come from an existing federal program offering low-cost loans to builders
- What next The building began construction last April
The federal government is committing $50m via a low-interest loan to fund the construction of purpose-built rental apartments in Laval, Qué.
Allocated through the Apartment Construction Loan Program, the funds will go toward development costs for Le Bleau, a 149-unit rental project from Le Bleau Condos. The 226,500 sq ft building, at 4420 Boulevard Lévesque East, will overlook the Rivière des Prairies waterway separating Laval from neighbouring Montréal.
The Apartment Construction Loan Program falls under the National Housing Strategy and supports the construction of rental units through the issuance of low-cost loans. Administered by the Canada Home and Mortgage Corp., the program offers loans to builders for developing purpose-built rentals as well as student and senior housing units. Loan amounts range from $1m to the entire cost of a project.
Le Bleau will have eight floors plus three levels of underground parking. Apartments vary in size from just under 500 sq ft to over 1,000 sq ft. Amenities include a terraced green roof, areas for barbecuing and gardening, a gym, a spa and a swimming pool. Construction began last April.
Last week, the government announced $245m in funding and construction loans for several Ottawa apartment projects.
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