Canadian Funding Corp Reviews CMHC Affordable Housing Reports

Funding of almost $23 million for 218 new affordable rental housing units for low-income families, seniors and singles was announced today in Toronto.

Lois Brown, Member of Parliament for Newmarket – Aurora, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development Canada and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC); and George Smitherman, Member of Provincial Parliament for Toronto Centre, on behalf of the Honourable Jim Watson, Ontario’s Minister of Municipal Affairs and Housing; along with City of Toronto Councillor Pam McConnell, Ward 28 Toronto Centre – Rosedale, on behalf of Mayor David Miller and City Council, and David Mitchell, Chair, Toronto Community Housing, made the announcement.

“Our government is helping Canadians during these tough economic times and giving hope to seniors, families and individuals who need quality, affordable housing that meets their needs,” said MP Brown. This investment is possible through our government’s Economic Action Plan, that stimulates the economy and creates jobs during this global recession For Ontario, this includes a $1.2 billion joint investment.”

“This project represents our government’s commitment to ensuring residents in Toronto and throughout Ontario have access to affordable housing,” said MPP George Smitherman. “It will not only add significant support to the Province’s efforts to reduce poverty, but will also mean the creation of hundreds of jobs for our workers.”

“The West Don Lands neighbourhood will be a wonderful addition to our city. This community will be a beautiful, sustainable, and welcoming place for everyone to live, work, and play. I am very pleased that the City of Toronto contributed $4.3 million in waived development fees and charges and property tax exemptions to help create affordable housing for seniors and families.” said Councillor McConnell, vice-chair of the Affordable Housing Committee.

“There remains a vast need for more affordable housing and Toronto Community Housing applauds the three levels of government for responding to this need,” said Toronto Community Housing chair David Mitchell. “It’s a great opportunity to help us achieve our mandate of providing quality housing for low-and moderate-income singles, families and seniors in Toronto.”

The Government of Canada wants to ensure that Canadians on fixed incomes can live with independence and dignity and remain in their communities, close to family and friends. 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 the next five years, to improve and build new affordable housing and help the homeless.

Today’s announcement celebrates funding for 218 units in two projects located at King and River Streets that will provide a total of 243 units of affordable rental housing for low-income families, singles and seniors. These homes are being developed by Toronto Community Housing and are part of the West Don Lands revitalization. The City of Toronto is increasing the number of affordable homes to 243 from 218 by directing an additional $7.49 million to this development from the provincial Developing Opportunities for Ontario Renters (DOOR) funding program, made possible through the federal Housing Trust.

Ontario is moving quickly to implement this additional funding. The province has already approved more than $172 million for construction-ready projects, which will improve access to affordable housing for low-income families, seniors and persons with disabilities across the province. It will also create jobs and strengthen local economies. To find out more about affordable housing in Ontario, visit www.mah.gov.on.ca.

THE WEST DON LANDS DEVELOPMENT

Canadian Funding Corp notes that the Government of Canada, the Government of Ontario, the City of Toronto and Options for Homes celebrated today the start of construction of affordable housing in a two-tower condominium complex. The Village by High Park project will include condominium units for low-to-moderate income households. The development is funded in part under the Canada – Ontario Affordable Housing Program and in part by the City of Toronto.

Lois Brown, Member of Parliament for Newmarket – Aurora, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation; Mario Sergio, MPP for York West and Parliamentary Assistant to the Honourable Jim Watson, Ontario Minister of Municipal Affairs and Housing; and Councillor Gord Perks, Ward 14 Parkdale – High Park, on behalf of Mayor David Miller, attended the event.

“The Government of Canada is committed to creating new affordable housing across Ontario,” said MP Brown. “This project will help many families in Toronto access quality, affordable housing and start a new chapter in their lives.”

“This project will give hundreds of families the opportunity to own their own place. I am proud of our partnership with other levels of government and Options for Homes,” said PA, Sergio. “By investing in affordable housing, we are also building healthier communities.”

The development, located at 403 Keele Street, will receive more than $1.6 million from the Homeownership component of the Canada – Ontario Affordable Housing Program and will assist 192 households. The objective of this component is to ease the demand for rental housing by assisting individuals with low-to-moderate incomes to purchase newly-built affordable homes. The City of Toronto provided a loan worth more than $3 million.

“Toronto is pleased to support the creation of affordable home ownership opportunities for people by deferring development charges,” Councillor Perks said. “I know these new homes will have a powerful positive impact on the West Toronto junction and the entire city.”

“This is a breakthrough development for Options. The scale of this project shows that home ownership can be made available to everyone in Ontario,” says Mike Labbé, CEO of Options for Homes. “The government’s help with the down payments makes it possible to expand our activities and help more low-income families and individuals.”

The Canada – Ontario Affordable Housing Program Agreement, signed in 2005, 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.

Last fall, 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.

Canadian Funding Corp images of High Park in Autumn