April 30, 2010

Kitchener, Ontario – Funding of $7.71 million for two housing projects providing a total of 65 new affordable housing rental units for seniors living on a low income was announced today in Kitchener.

The Honourable Gary Goodyear, Minister of State (Science & Technology), (Federal Economic Development Agency for Southern Ontario) and Member of Parliament for Cambridge, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), Leeanna Pendergast, Parliamentary Assistant to the Minister of Education and Member of Provincial Parliament for Kitchener-Conestoga, on behalf of Jim Bradley, Ontario’s Minister of Municipal Affairs and Housing; along with Ken Seiling, Waterloo Regional Chair, Doug Craig, Mayor of the City of Cambridge, and Brenda Halloran, Mayor of the City of Waterloo, made the announcement. 
“Our government is investing in affordable housing, to help create jobs and improve the quality of life for those families who need it most,” said Minister of State Gary Goodyear. “These initiatives will help people in our community access safe and affordable housing that meets their needs.”
“These two new housing initiatives support our Poverty Reduction Strategy and are part of our Open Ontario plan to create jobs and opportunities,” said MPP Pendergast. “We will continue to work closely with our municipal and federal partners to maximize the number of affordable housing units which are built during the life of this program.”

Today’s announcement celebrates funding for two local affordable housing projects:

• 565 Margaret Street, a 61-unit project located in Cambridge received over $7.2 million.  The project is sponsored by Home Concept Property Management, providing affordable housing for seniors living on low income in Cambridge.
• Newo Seniors, located at 364 Erb Street West and sponsored by Newo Holdings Ltd. received $480,000 for four additional affordable rental units.  The units will provide housing for seniors living on low income in Waterloo.

“The Waterloo and Cambridge projects provide a greater choice of safe, affordable rental housing for our senior citizens,” said Ken Seiling, Regional Chair.  “There is still a great need for affordable housing in Waterloo Region, so the addition of 65 new units is especially welcome.”

"There's no question that affordable housing is an issue facing each of the municipalities in our region," said Waterloo Mayor Brenda Halloran.  "Today's announcement will help ease that pressure, and will have a direct impact on individuals and families in our communities."

“It’s partnerships like this that make a difference and can directly address the need for added affordable housing opportunities for low-income seniors,” said Cambridge Mayor Doug Craig. “Enhancing support for seniors is a priority for Cambridge and the multi-government investment of over $7 million will provide for an additional 61 units to help address the gaps in existing affordable housing.”

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.
Ontario is moving quickly to implement this additional funding.  The province has already approved more than $388 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.ontario.ca/mah

More information on this and other measures in Canada’s Economic Action Plan can be found at www.actionplan.gc.ca.  To find out more about how the Government of Canada and CMHC are working to build stronger homes and communities for all Canadians, call CMHC at 1-800-668-2642 or visit www.cmhc.ca/housingactionplan.