Ed Holder, Member of Parliament for London West, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), today announced mortgage loan insurance policies to facilitate the financing of student housing in Canada.
“Our government is dedicated to meeting the increased demand for student housing across the country” said Ed Holder, Member of Parliament for London West. “We’re helping developers and borrowers access competitive interest rates for the life of the mortgage, benefit from greater financing choices and lower renewal risk. Our government is supporting students and creating jobs in university and college communities across the country.”
The Government of Canada will help finance loans of up to 85 per cent of the lending value for the construction, purchase or refinancing of housing purposely built for students on or off campus through CMHC’s Mortgage Loan Insurance for multi-unit student housing. This initiative supports the housing needs of Canadian publicly funded educational institutions, including universities and colleges.
The demand for student housing is anticipated to continue to increase for an extended period as a result of changing demographics, forecasted enrolment figures and continued growth in international students.
“Today’s announcement is good news and will help developers in Canada respond to the housing needs of students,” said Ray Stanton, President of London Property Corporation.
The Government of Canada has taken additional measures to help Canadian families. As of August 1, 2009, new federal student financial assistance measures — the Canada Student Grants Program and the Repayment Assistance Plan — are helping students and families access postsecondary education and better manage their student loan debt. To find out more about how the Government of Canada is helping students achieve their educational goals, visit CanLearn.ca.
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.
The governments of Canada and British Columbia officially opened the Russell Housing Centre (formerly College Place Hotel), which will provide emergency shelter and supportive housing for adults at risk of homelessness in New Westminster.
“Canada’s Economic Action Plan is stimulating the economy and creating jobs during the global recession here in British Columbia and across Canada,” said Senator Yonah Martin, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC).This is a good way to get the local economy moving and put construction workers and tradespeople to work quickly, as well as improving the quality of existing social housing, giving a hand-up to those families who need it most.”
“The Province is committed to providing increased access to safe, affordable, supportive housing for our most vulnerable people, and that is why we’ve provided $10.4 million for the purchase and renovation of the Russell Housing Centre,” said Harry Bloy, MLA for Burnaby – Lougheed. “Combining emergency shelter with transitional housing under one roof is an effective method to help break the cycle of homelessness here in New Westminster and across British Columbia.”
The Russell Housing Centre is a designated heritage building that has been renovated to provide 40 single-room occupancy (SRO) hotel units and 15 shelter beds and will provide emergency shelter and social housing for adults at risk of homelessness in New Westminster. Through the amended Canada – British Columbia Affordable Housing Agreement, the Government of Canada and the Province of British Columbia are contributing $1.1 million for repairs and renovations to the 40 SRO units.
“This development makes a significant contribution to the City’s continuum of housing, enabling our locally homeless population to access quality shelter and support services. It also preserves an important piece of the City’s heritage,” said New Westminster Mayor Wayne Wright.
Lookout Emergency Aid Society manages and operates the Russell Housing Centre. The Centre will be open 24 hours, 365 days a year, and will provide such basics as shelter, food and laundry, as well as support and assistance to men who are without a home. Tenants will receive life skills training on cooking and nutrition, budgeting and basic hygiene, gaining the necessary skills to move towards living independently.
“Helping people identify and plan around their challenges, linking them to needed services will help prevent them from becoming homeless again,” said Karen O’Shannacery, executive director of Lookout Emergency Aid Society. “Our long-standing partnership with the Province and BC Housing has played a pivotal role in the creation of many of Lookout’s supportive housing developments.”
The Housing Renovation Partnership is the result of a $365-million joint investment under an amendment to the Canada – British Columbia Affordable Housing Agreement, which includes funding through Canada’s Economic Action Plan and by the Government of British Columbia. The Housing Renovation Partnership will provide $177 million for the renovation and retrofit of social housing. Under the terms of the agreement, the provincial and federal governments will provide matching contributions of $88.82 million. Overall, Canada’s Economic Action Plan includes $2 billion for the construction of new and the repair of 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. It provides $850 million under the Affordable Housing Initiative to provinces and territories for the renovation and retrofit of existing social housing, to improve the quality of existing social housing for low-income seniors, single-parent families, recent immigrants and Aboriginal households.
The Province of British Columbia’s $14-billion capital infrastructure program is creating up to 88,000 jobs, helping to build vital public infrastructure in every region of the province and stimulating local economies across B.C.
The Government of Canada, the Government of Ontario, and the City of Peterborough today celebrated the official opening of an affordable housing project. The project is supported by more than $2 million in funding under the Canada – Ontario Affordable Housing Program.
Dean Del Mastro, 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; Jeff Leal, Member of Provincial Parliament for Peterborough, on behalf of the Honourable Jim Bradley, Minister of Municipal Affairs and Housing; Henry Clarke, Deputy Mayor of Peterborough on behalf of Paul Ayotte, Mayor of Peterborough; and Bonnie Clark, Chair of Peterborough Housing Corporation made the announcement.
“This is great news for families and individuals in Peterborough. Our Government is providing a hand-up to those families in need,” said MP Del Mastro. “Through projects like these, our government is stimulating the economy and creating jobs to help Canadians recover from the economic downturn.”
“The province is committed to helping people who live on lower or fixed incomes stay in their home communities,” said MPP Leal. “Investment in affordable housing is not only a fundamental support for individuals and families trying to break the cycle of poverty, it also improves job prospects and supports local trades and business.”
Today’s announcement recognized the official opening of 30 affordable housing units at Saunders Court, located at 130 Anson Street. The project for households with low incomes and persons with special needs is sponsored by the Peterborough Housing Corporation.
The federal and provincial allocations to the project were complemented by $355,459 in municipal financial incentives.
“Saunders Court is an exciting new development that will provide 30 new affordable housing units in the City of Peterborough,” said Mayor Paul Ayotte. “Peterborough Housing Corporation is to be congratulated for their continued efforts to create housing opportunities for low-income households in Peterborough.”
“We believe this building is our best effort yet”, said Bonnie Clark, Chair of Peterborough Housing Corporation. “This site has been part of a continuum of service to the community for nearly a century, as both a refuge and home for those in need.”
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.
