A new affordable rental housing building is coming soon to Calgary’s west side.
The Mulberry is a five-storey, 96-unit complex with one- and two-bedroom floorplans to be built by Truman in West Springs. The project received an investment of $24.5 million toward construction through the Rental Construction Financing initiative (RCFi), delivered by the Government of Canada through the Canada Mortgage and Housing Corp.
The initiative supports rental housing construction projects to assist in providing a stable supply of rental housing for middle-class families living in expensive housing markets.
Annual rental rates at Mulberry will be less than 30 percent of Calgary’s median household income, with a minimum of 31 units held at or below these levels for a minimum of 21 years.
“Hard-working Canadians deserve an affordable place to call home that meets their needs,” says the Honourable Marc Garneau, Minister of Transport. “Through Canada’s first National Housing Strategy, our government is taking action to strengthen the middle class and create more housing options in areas across the country that need it most. Here in Calgary, the new Mulberry building is going to be a great example of our strategy in action, adding almost 100 homes to this community.”
Mulberry is one of the first projects in Calgary to receive construction and project financing support through the RCFi program, says George Trutina, president of Truman.
“As leaders in the development industry, paired with our experience working with CMHC, we have demonstrated this innovative federal model allows developers to provide attractive affordable homes for individuals and families in Calgary and throughout Canada,” says Trutina. “Truman is very proud to partner with CMHC and the Government of Canada as none of this would be possible without their commitment to this worthwhile initiative.”
About Mulberry
• It is designed to achieve energy-efficiency savings of 20.4 percent and a reduction in greenhouse gas emissions of 21.2 percent relative to the 2015 National Energy Code of Canada for Buildings.
• The surrounding rental market has a lower vacancy rate (3.3 percent) compared to the rest of Calgary (3.9 percent), with limited supply of purpose-built rental in the immediate area.
• Launched in April 2017, the RCFi is investing $13.75 billion to encourage the construction of 42,500 new rental housing units across Canada.
• Low-cost loans are available to borrowers who want to build affordable rental housing in Canada in response to demonstrated community need. The rental market is an important housing option for approximately 30 percent of Canadians.
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