Canadian Funding Corp Reviews CMHC Affordable Housing Reports

Posted by Moishe Alexander

The Government of Canada announced today that the Town of Petroliahas been approved for an infrastructure loan as part of Canada’s Economic Action Plan.

The announcement was made the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC).
Petrolia has been approved for an additional low-cost loan of $871,000 from CMHC’s Municipal Infrastructure Lending Program (MILP), to complete the upgrade of its wastewater treatment and storm sewer systems. This upgrade will benefit the residents of Petrolia by providing efficient storm and sanitary sewer services and potable water.

“Our Government understands the importance of infrastructure in maintaining strong and prosperous communities,” said Minister Finley. “This program is opening the door for municipalities of all sizes to meet their housing-related infrastructure needs. Canada’s Economic Action Plan is creating jobs and stimulating the economy right here in Petrolia.”

Canada’s Economic Action Plan provides up to $2 billion in direct low-cost loans to municipalities, over two years, for housing-related infrastructure projects through the MILP. Municipal infrastructure loans are available to any municipality in Canada and provide a new source of funds for municipalities to invest in housing-related infrastructure projects. These low cost loans can also be used by municipalities to fund their contribution for cost-shared federal infrastructure programming.

“This loan will ensure Petrolia’s continued growth and has allowed us to extend the scope of repair to a key element of infrastructure which has long been of concern to this community,” said Petrolia Mayor John McCharles.

Eligible projects include infrastructure related to housing services such as water, power generation and waste services, as well as local transportation infrastructure within and into residential areas, such as roads, sidewalks, lighting and green space.

As Canada’s national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable, and affordable homes — homes that will continue to create vibrant and healthy communities and cities across the country.

Posted by Moishe Alexander

The Government of Canada announced today an investment of almost $780,000 as part of Canada’s Economic Action Plan to improve housing conditions for much needed social housing renovation and retrofit both on and off reserve.

The Honourable Gail Shea, Minister of Fisheries and Oceans and Regional Minister for Prince Edward Island, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), made the announcement.

“Through Canada’s Economic Action Plan, our government is taking concrete action to help ensure our economic recovery and create the conditions for long-term growth,” said Minister Shea. “Funding new construction, and renovation and retrofit projects like these on and off reserve projects will not only improve the overall housing conditions, and quality of life of its residents by keeping their homes safe and affordable for years to come, but also help stimulate the local economy and create jobs.”

As of February 1, 2010, CMHC is accepting applications for year two funding of the Renovation and Retrofit Initiatives for both on and off reserve, and applications for New Construction funding on-reserve. Applications for this second round of funding will be accepted between February 1, 2010 and February 22, 2010.

Through Canada’s Economic Action Plan, over $180,000 in federal investments are being announced today for First Nations in Prince Edward Island to help address immediate housing needs. Abegweit First Nation is receiving funding to retrofit seven existing social housing units and Lennox Island First Nation is receiving funding to build one new social housing unit and retrofit four existing social housing units. This funding will help improve housing conditions in these First Nation communities.

Posted by Moishe Alexander

The Government of Canada, the Government of Ontario and Lanark County today announced the start of construction of new affordable housing in Perth. The project received over $1 million through the Canada – Ontario Affordable Housing Program for 15 affordable housing units.

The Honourable Diane Finley, Minister of Human Resources and Skills Development Canada, and Minister Responsible for Canada Mortgage and Housing Corporation; Jim Bradley, Minister of Municipal Affairs and Housing; and John Fenik, Mayor of Perth and Lanark County Warden, made the announcement.

“Our government is helping Canadians during these tough economic times. In Perth, this achievement gives a hand-up to individuals and families who need safe, affordable housing that meets their needs,” said Minister Finley. “This is also a good way to get the local economy moving because it puts construction workers and trades people to work quickly.”

“The province is committed to helping people who live on lower or fixed incomes stay in their home communities,” said Minister Bradley. “Building new affordable housing supports individuals and families trying to break the cycle of poverty, improves their job prospects, puts local trades to work and generates business activity.”

Today’s announcement recognized the start of construction of the Rogers Road Apartments, a $1.69 million project which will provide a total of 20 affordable housing units for individuals living on low incomes including 15 units for individuals with special needs.

“It is the most vulnerable in society for whom we must care,” said Mayor Fenik. “A start is by ensuring, that those at-risk individuals, families and children have appropriate affordable housing. This project, in a small way, helps make that a reality.”

The Canada – Ontario Affordable Housing Program Agreement 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 up to 20,000 households in Ontario.

In 2008, the Government of Canada committed more than $1.9 billion over the next five years to improve and build new affordable housing and to help the homeless. Canada’s Economic Action Plan builds on this with an additional one-time investment of more than $2 billion over two years in new and existing social housing and lending of up to another $2 billion to municipalities for housing-related infrastructure. Combined for Ontario, this means a further $1.2-billion joint investment under the amended Canada – Ontario Affordable Housing Program Agreement. The federal and provincial governments are contributing equally to this overall investment.