Region of Waterloo sells land to support new affordable housing project in Cambridge

The Region of Waterloo is moving forward with plans to accelerate affordable housing in Cambridge by selling two parcels of land.

Proceeds from the property sales will go towardbuilding an affordable housing development at 30 Lauris Avenue, and construction could begin as early as the coming fall.

The development is slated for 106 single-family dwellings, and 30 per cent of the units will be designated as affordable for a minimum of 30 years. According to theCanadian Mortgage and Housing Corporation (CMHC), affordable housing is rent that is at or below 80 per centmedian market rent for Waterloo Region.

"Finding new and innovative ways to create more affordable homes in Waterloo region is incredibly important right now," said regional chair Karen Redmanin a press release.

"At every point in the process, we're looking at how to create more homes, more affordably and more effectively. The 30 Lauris Avenue project does just that."

The project is under the Building Better Futures Initiative, an effort aimed at constructing 2,500 affordable homes throughout Waterloo region over a five-year period, set to conclude in 2025.

The 30 Lauris Avenue development will be close to schools and amenities, according to the region.

Opportunities for public engagement will be shared as the project advances.