Canadian Funding Corp. Reviews CMHC Statistics

Posted by Moishe Alexander

The Honourable Lawrence Cannon, Minister of Foreign Affairs and Member of Parliament for Pontiac, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development Canada, along with Stéphanie Vallée, Parliamentary Assistant to the Premier of Quebec and Member of the National Assembly for Gatineau, on behalf of Laurent Lessard, Minister of Municipal Affairs, Regions and Land Occupancy, officially opened today the two housing projects of the La Pêche Development Corporation, which provide 24 new affordable housing units for semi-independent seniors. This represents an investment of nearly $3.5 million on the part of public and sector partners for the construction of these units.

The Government of Canada, through Canada’s Economic Action Plan, and the Government of Quebec, under the AccèsLogis program of the Société d’habitation du Québec (SHQ), contributed a total amount of nearly $1.5 million, while partners and the Municipality of La Pêche invested nearly $2 million. Of this sum, more than $1.3 million will be provided by the Municipality of La Pêche in the form of a capitalized tax rebate. Canada’s Economic Action Plan was put in place to stimulate the economy and create jobs during the global recession. The federal and provincial governments will invest, on a 50:50 cost-shared basis, $538 million in Quebec under the Affordable Housing Initiative Program Extension Agreement.

“Our government is committed to giving a hand-up to the people of Quebec during these tough economic times,” said Minister Cannon. “Through projects like these, Year 2 of Canada’s Economic Action Plan will continue to create jobs, stimulate communities in all corners of the country and support Canadian workers and families.”

“The opening of these two establishments is excellent news and demonstrates the attention that our government is giving to the seniors of Quebec. Thanks to the combined efforts of the different partners that contributed to this mobilizing project, 24 households can now benefit from safe, quality housing that meets their needs, at an affordable cost,” said MNA Stéphanie Vallée, in the presence of Robert Bussière, Mayor of La Pêche and Chair of the Board of Directors of the La Pêche Development Corporation, and community partners.

Canada’s Economic Action Plan provides $400 million, over two years, to build new rental housing for low-income seniors. Overall, the Economic Action Plan includes $2 billion for new and existing social housing, plus up to $2 billion in loans to municipalities for housing-related infrastructure.

Canada’s Economic Action Plan builds on the Government of Canada’s commitment in 2008 of more than $1.9 billion, over five years, to improve and build new affordable housing and help the homeless.

Twelve tenants of these two housing projects can benefit from the SHQ’s Rent Supplement program, which provides financial assistance to low-income individuals who would otherwise have to spend more than 25 per cent of their income on housing. The rent supplements provided will represent, over a five-year period, a total of nearly $183,350 in financial assistance, including $165,000 from the SHQ and more than $18,350 from the Municipality of La Pêche.

Since 2003, 980 community housing units have been, or are being, developed in the Outaouais region, including 82 in the constituency of Gatineau, representing total investments of nearly $114 million by the Government of Quebec.

Posted by Moishe Alexander

The Government of Canada announced today that one housing co-operative located in Peterborough will receive more than $291,000 through Canada’s Economic Action Plan, as part of the social housing renovation and retrofit investments.

The announcement was made at the Kawartha Village Co-op by Dean Del Mastro, Parliamentary Secretary to the Minister of Canadian Heritage and Member of Parliament for Peterborough, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC).

“Through Canada’s Economic Action Plan, our government is taking action to help ensure our economic recovery and create the conditions for long-term growth,” said MP Del Mastro. “Funding renovation and retrofit projects, like this one, will not only improve the quality of life of its residents by keeping their homes safe and affordable, but it will also help stimulate the local economy and create jobs.”

The Government of Canada, through Canada’s Economic Action Plan, announced $1 billion for social housing renovation and retrofit. Of the $1 billion, $850 million is being delivered by provinces and territories on a cost-matched basis for existing federally assisted social housing projects which they administer on behalf of the partnership. The remaining $150 million is being delivered by CMHC for existing federally assisted off-reserve housing which it directly administers. Eligible repairs include general improvements, energy efficiency upgrades or conversions, and modifications in support of persons with disabilities.

The housing co-operative that will receive a contribution from the Government of Canada being announced today is Kawartha Village Co-op.

“We commend and thank the federal government, Mr. Del Mastro and CMHC for making a sound investment to help ensure that this affordable community is preserved as a legacy for the long-term benefit of its residents”, said David Granovsky, Government Relations Co-ordinator for the Co-operative Housing Federation of Canada. “Today’s announcement shows how stimulus funding helps to preserve jobs, assist the local economy and protect valuable affordable housing assets for Canadians.”

“We are very pleased to be receiving the Renovation and Retrofit grant through Canada’s Economic Action Plan to improve our cooperative,” said Mary Earls, President, Kawartha Village Co-operative Homes Incorporated. “These significant renovations will have a tremendous positive impact for our members and their quality of life.”

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.