On February 24, 2025, Victoria Park Community Homes Inc. (“VPCH”) entered into an affordable housing loan agreement, as borrower, with Canada Mortgage and Housing Corporation (“CMHC”), as lender, under the Affordable Housing Fund program, administered by CMHC as part of Canada’s National Housing Strategy, to assist in financing the costs of a construction project at 60 Caledon Avenue, Hamilton, Ontario. The loan was in the aggregate amount of approximately $96 million. The project will comprise of five buildings totaling 261 units of affordable housing to be available for occupancy starting 2027.
To manage the design and construction of the estimated $108 million project, on January 30, 2025, VPCH retained EllisDon Corporation pursuant to a modified CCDC 14 Design-Build Stipulated Price Contract. Construction officially started in and around March 3, 2025.
Cassels acted for VPCH.