The 16 unit affordable housing complex is being designed for modest and middle income seniors in the Town of Tillsonburg on Sanders Street.
TILLSONBURG - The Town of Tillsonburg is getting a new affordable housing complex just for seniors.
The project received $1.54 million dollars in Federal funding through the Canadian Mortgage and Housing Corporation. Parliamentary Secretary to the Minister of Families, Children and Social Development Adam Vaughan made the announcement today. He says this is a great investment for the Town of Tillsonburg.
"These investments create good jobs and grow the local economy, helping people in the community that will soon move into these safe and affordable rental housing units. These projects are making a big difference in building a more sustainable future through more energy-efficient and affordable homes. Our Government is committed to increasing the supply of rental units for Canadians through projects like the one we are announcing today."
Located at 13 Sanders Street, this project, developed by the Town of Tillsonburg Non-Profit Housing Corporation, will provide affordable housing options close to public transit and services for modest and middle-income seniors.
The building will feature 16 units that will be rented at affordable rates, with rents lower than 30% of median family income and set at 80% of the average market rent in the area.
Committee member with the Town of Tillsonburg Non-Profit Housing Corp Stephen Culig says this will fill a major need in the Town of Tillsonburg.
"Affordable rents at the Sanders Street seniors apartments are possible because of CMHC's Rental Construction Financing initiative and the financial support of Oxford County. Both saw the need for more affordable rental housing and supported this building's Net Zero energy efficiency. RCFi's long term financing facilitated the affordable rents offered by the Town of Tillsonburg Non-Profit Housing Corp."