New 30-storey rental on Preston gets $86.4M boost from feds

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He also said the timing of construction is important in that Canada is in economic crisis, with high unemployment, a recession and a closed border with the U.S.

“It is difficult to get financing for multi-unit rental properties but these CMHC loans are repayable and give builders the confidence and means to move ahead with rental housing that will fuel our economy when it is needed most and give more Canadians a place to call home.”

The building is part of a rapid transformation of Ottawa’s Little Italy. Greenberg pointed out its proximity to LRT (only 180 metres to the Trillium Line’s Carling Station), Dow’s Lake and the future site of the Civic campus of the Ottawa Hospital.

He credited Hussen and his government for pouring almost $14 billion into the rental incentive program, one expected to contribute to the construction of 42,500 units across Canada.

“These are unprecedented times and it is precisely at times like this that we realize and appreciate the privilege and how fortunate we are to live in a great country like Canada,” said Greenberg, son of the company founder.

Hussen said the government has unveiled a number of programs — mortgage relief, wage subsidies — to ensure Canadians did not have to choose between paying for housing or buying groceries.

“We’re also stimulating the economy creating jobs,” said Hussen, the Minister of Families, Children and Social Development. “Just imagine the number of people who will be put to work to complete this project. It is a win for renters, but it is also a win for our economy and our larger community.”

The building is expected to be completed near the end of 2022.