A new multi-residential building under construction in Tecumseh will have affordable housing units, thanks to a loan from the federal government.
Valente Development Corporation applied for and received a $25.27 million insured loan from the Canada Mortgage and Housing Corporation through the Rental Construction Financing initiative.
"By providing funding for new housing builds like we have for Tecumseh Gateway Tower, our government is taking action to not only increase the supply of new rental developments, but to also provide housing options that are closer to jobs, services, and amenities for middle-class families here in Tecumseh, and across Canada," said Windsor-Tecumseh MP Irek Kusmierczyk.
The Tecumseh Gateway Tower, being built on Tecumseh Road East near Southfield Drive, will have 99 rental units available. Of those, 14 units will be one-bedroom units and 85 will be two-bedroom units. A minimum of 31 units will be available at or below 30 per cent of the household median income in the area.
"I am incredibly thrilled to be bringing this purpose rental project to the Town of Tecumseh. We have many projects we are working on, but I am very proud to be part of this project to serve a need for more affordable housing product in Windsor & Essex County," said President of Valente Development Corporation Peter Valente.
Valente expects to be welcoming tenants to the Tecumseh Gateway Tower in spring 2022.
