By Canadian Press

Ottawa, Quebec tout ‘new business model’ to fast-track affordable housing

Aug 30, 2024 | 11:54 AM

MONTREAL — The governments of Canada, Quebec and the City of Montreal are crediting a new fast-track housing program for plans to build 1,001 affordable homes in Montreal and Rimouski, Que.

A news release says developer Société de développement Angus will receive $193.5 million in subsidies to “quickly” build 677 units in Montreal and 324 in Rimouski, located 265 kilometres northeast of Quebec City.

That amount covers about half of the estimated cost to build the units, which must remain affordable for a minimum of 35 years, with the cost of rent set by the provincial housing agency.

The release says the new units have been proposed through a “new business model” that fast tracks plans for affordable homes built by “experienced developers recognized for their efficiency.”

Quebec Housing Minister France-Élaine Duranceau says developers can apply to the fast-track program, and selections will be made by the housing agency based on criteria including quality of past construction and “ability to meet budgets and deadlines.”

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The cities of Montreal and Rimouski are also contributing to the funding for the homes.

This report by The Canadian Press was first published Aug. 30, 2024.

The Canadian Press