Calgary renters will soon have another affordable housing option after an investment of $24.5 million from the Government of Canada was announced on Tuesday.

Minister of Transport Marc Garneau said at a press conference the investment will go toward the construction of the Mulberry — a five-storey, 96-unit rental building featuring one- and two-bedroom suites in West Springs, in the city's southwest.

The new affordable housing complex is in the southwest community of West Springs. (Google Maps)

"For our government, it's about more than just building houses. We want to create homes that are affordable, energy efficient and accessible," said Garneau.

"We want to create communities where people can live close to their jobs, schools, public transit and other services."

The project will be developed by Truman Homes and will be only 15 minutes away from the downtown business district..

Federal Transport Minister Marc Garneau says this project will add a much-needed boost to Calgary's rental housing supply. (Julie Debeljak/ CBC )

Garneau said the Mulberry is a "shining example" of the government's National Housing Strategy — a $55-billion plan that will give more Canadians accessible housing.

Annual rents at the Mulberry will be less than 30 per cent of Calgary's median household income, according to the news release, and at least 31 units will be held at or below this income for a minimum of 21 years. Some units will also meet accessibility needs.

A news release says the Mulberry is designed to achieve energy-efficiency savings of 20.4 per cent. (Truman Homes)

"It's a very modern construction that will provide additional rental units in an area of Calgary and of Canada where we don't have enough rental units," Garneau said.

"We'd like to build over 40,000 of these units in the coming years."