CFC Reviews joint investment: $1.2 Billion Boost to Ontario for Affordable Housing
TORONTO, ON, June 9, 2009 — Canadian Funding Corporation (CFC) update: The Government of Canada and the Province of Ontario are partnering on a joint investment to build new and renovate existing affordable housing. This investment will help create jobs, strengthen the economy, and improve the quality of life for residents of Ontario. Both levels of government officially signed an amendment to the Canada – Ontario Affordable Housing Program Agreement, resulting in a joint investment of more than $1.2 billion over the next two years.
Canadian Funding Corporation (CFC) reports that the Honourable Diane Finley, Minister of Human Resources and Skills Development Canada and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC) and the Honourable Jim Watson, Ontario Minister of Municipal Affairs and Housing, made the announcement today.
“This government is working hard to support Canadians during these challenging economic times, and we are moving aggressively to ensure Canada’s Economic Action Plan is implemented rapidly,” said Minister Finley. “We are helping the most vulnerable, including seniors and persons with disabilities, access suitable, affordable housing, as well as making needed renovations to existing social housing both in Ontario and across Canada.”
“The McGuinty government is pleased to be working with our federal partners to increase the supply of affordable housing,” said Minister Watson. “This investment will stimulate our economy while improving access to safe, healthy and affordable housing. For many people, living on fixed or low incomes, these programs are their opportunity to get a place to call home.”
Today’s announcement includes federal funding of $535 million over two years under Canada’s Economic Action Plan as part of a one-time investment of more than $2 billion to build new and renovate existing social housing in Canada. The Province will also contribute $535 million for these initiatives, over the next two years.
These investments build upon the $1.9 billion commitment for housing and homelessness programs announced by the Government of Canada in September 2008, which extended the Affordable Housing Initiative and the renovation programs for low-income households for two years.