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 and the Province of New Brunswick today announced an investment of more than $4 million for the construction and renovation of 252 housing units for low-income seniors, families and persons with disabilities. Funding in the amount of $2.59 million will be for the renovation and retrofit of existing social housing, while $1.6 million will be for the construction of new affordable housing units.

The funding was made available through Canada’s Economic Action Plan, the federal government’s plan to stimulate the economy and create jobs during the global recession. 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. The federal and provincial governments are contributing equally to this overall investment of $75 million under the amended Canada – New Brunswick Affordable Housing Program Agreement.

The Government of Canada wants to improve the quality of existing social housing for low-income seniors, single-parent families, recent immigrants and Aboriginal households. Canada’s Economic Action Plan provides $850 million for the renovation and retrofit of existing social housing as well as $475 million to build new rental housing for low-income seniors and persons with disabilities over two years.

Eight housing projects will receive funding for repairs and renovations. The projects are located in Fredericton, Woodstock, Summerfield and Beechwood. Repairs to the 212 social housing units include electrical, plumbing, fire safety and energy improvements, as well as site works.

A new housing development, Tannery Court II, will also create 40 units for low-income seniors, including 4 accessible units for those with disabilities. This project is located at 543 Brookside Drive in Fredericton and is being developed by Tannery Court Co­operative Ltd., a non-profit organization. In addition to federal stimulus funding, the project is receiving more than $2.6 million in rent supplements from the Province of New Brunswick.

The Honourable Keith Ashfield, Minister of National Revenue, Minister of State for the Atlantic Canada Opportunities Agency and Minister for the Atlantic Gateway, 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 the Honourable Kelly Lamrock, New Brunswick Minister of Social Development and Minister Responsible for Housing, made the announcement today.

“Through Canada’s Economic Action Plan, our government is helping Canadians during these tough economic times. Here in Greater Fredericton, this achievement gives a hand-up to low-income seniors, families and individuals who need safe, affordable housing that meets their needs,” said Minister Ashfield. “This is also a good way to get the local economy moving because it puts construction workers and tradespeople to work quickly.”

“We are pleased to work together to provide affordable and safe accommodations for low-income seniors, families and those who have accessibility needs in the Fredericton region,” Lamrock said. “Affordable housing is a key component of this government’s Overcoming Poverty Together: The New Brunswick Economic and Social Inclusion Plan to ensure New Brunswickers have a quality, energy-efficient place to call home.”

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.