Canadian Funding Corp. Reviews CMHC Statistics

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.

Canadian Funding Corp (CFC) presents CMHC update from June 4, 2009.

Rick Dykstra, Member of Parliament for St. Catharines, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development Canada and Minister Responsible for Canada Mortgage and Housing Corporation; Jim Bradley, MPP for St. Catharines, on behalf of the Honourable Jim Watson, Minister of Municipal Affairs and Housing; Niagara Regional Chair Peter Partington, and St. Catharines Mayor Brian McMullan made the announcement today.

“The Government of Canada is delivering on its commitment to help those at risk of becoming homeless,” said MP Rick Dykstra. “We are proud to support community efforts that help find local solutions to local problems. Through this investment, the Gateway Residential and Community Support Services and Mainstream Services, will provide safe and supportive housing to people with special needs, and help them turn a new page in their lives.”

The project, sponsored by Gateway Residential and Community Support Services of Niagara and Mainstream: An Unsheltered Workshop, will provide nine units of supportive housing for vulnerable persons in St. Catharines. Today’s federal and provincial allocation will be complemented by $125,850 in municipal financial incentives.

“This new 9-unit supportive housing development in downtown St. Catharines is another great example of partnership in action,” said Regional Chair Partington. “Increasing access to supportive housing will assist some of Niagara’s most vulnerable citizens. I am proud that Niagara Region is able to continue its legacy of Building Communities, Building Lives.”

“This project represents what can be achieved by government and community-based agencies when we work together,” said Mayor Brian McMullan. “As a result of this collaborative effort, some of our community’s most vulnerable citizens will have a safe and affordable home with the specialized supports they require — something they would not have had otherwise.”

“Gateway & Mainstream are proud to be entering into a partnership that will create nine new units of affordable supportive housing in downtown St. Catharines,” said Gateway Executive Director John Osczypko.

The Canada – Ontario Affordable Housing Program comprises a commitment of $301 million from each of the two senior levels of government. In total, the federal, provincial and municipal governments will invest at least $734 million in the program, which will provide affordable housing for 20,000 households in Ontario.