Construction is nearing completion on a new affordable housing building at 681 Monaghan Rd. in Peterborough. The six-storey building features 53 units, including 37 one-bedroom, 11 two-bedroom, and five three-bedroom units, along with amenity space and utilities on the ground floor.
The building will prioritize housing for vulnerable populations, with residents expected to begin moving in by April. This staged process will assist in transitioning some individuals from temporary housing into the new building, allowing those spaces to be freed up for others in need.
The project, which began in fall 2023, has received funding from various sources, including $18.9 million in federal funding through the Rapid Housing Initiative, $40,000 from Canada Mortgage and Housing Corporation’s Seed Funding program, and $1.68 million from the Ontario Priorities Housing Initiative. The City of Peterborough contributed $4 million through a one-time dividend from its holdings.
A grand opening celebration for the building is scheduled for spring.
(Written by: Scott Arnold)
