The federal and Quebec governments have launched a fast-track financing program to speed up affordable housing development across the province.

Under the new program, the two governments will provide financial support to qualified developers to accelerate to complete projects rapidly. The program is partly funded through $900 million that Ottawa is providing to Quebec as part of an agreement under the $4-billion Housing Accelerator Fund initiative. Funds will also come from a matching $900-million contribution from the Quebec government.

The qualified developers are determined by the province’s housing arm, the Société d’habitation du Québec (SHQ).

To start, the program is investing $193.5 million in the construction of 1,001 new units in Greater Montreal and Rimouski. The units will be built by the Société de développement Angus (SDA), the first organization to join the SHQ’s network of qualified developers.

The federal and provincial funds will cover about 50% of the estimated construction cost, according to a news release. The City of Montreal and City of Rimouski will contribute to the respective projects through financing that the SDA arranged with Desjardins.

In Montreal, 677 units will be constructed in the Technopôle Angus district, located in Rosemont–La Petite-Patrie, Two buildings of up to seven storeys will be built in the heart of the Angus eco-district on Molson Street. The project will contain 352 one-, two- and three-bedroom units. Construction is slated to begin by late 2024.

Meanwhile, 325 one-, two- and three-bedroom units will be built in the Montreal suburb of Ahuntsic. The project will be the first residential development in the future Écoquartier Louvain.

Long-term plans call for the eco-district to include an elementary school, childcare centre, library, community centre, multi-purpose hall, shops, local services and an urban farm. Construction is schedule to commence by summer 2025.

Rimouski will receive the remaining 324 units.

Pictured: Technopôle Angus district in Montreal

Rendering: Société de développement Angus