Canadian Funding Corp. Reviews CMHC Case Studies

Canadian Funding Corp. reports from Yellowknife, May 22, 2009 — The Government of Canada and the Northwest Territories are partnering on a joint investment to build new and renovate existing affordable housing. This investment will help create jobs, strengthen the economy, and improve the quality of life for residents of the Northwest Territories.

Both levels of government officially signed an amendment to the Canada – Northwest Territories Affordable Housing Program Agreement and an extension to the Housing Renovation Program Agreement, resulting in a federal investment of $59 million over the next two years, while the Northwest Territories will invest $58 million.

According to Canadian Funding Corp., Randy Hoback, Member of Parliament for Prince Albert, Saskatchewan, 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 Michael McLeod, Minister of Public Works and Services, Minister Responsible for Northwest Territories Housing Corporation, and Minister of Transportation made the announcement at a signing ceremony today. Both the Yukon and Nunavut also officially signed amended agreements today.

“The Government of Canada continues to work hard to support Canadians during these challenging economic times, and has moved aggressively to ensure Canada’s Economic Action Plan is implemented rapidly,” said MP Hoback. “We are helping the most vulnerable, including seniors and persons with disabilities, access suitable, affordable housing, as well as making needed renovations to existing social housing both in Northwest Territories and across Canada.”

“The Government of the Northwest Territories is very pleased that the Government of Canada shares its commitment to improving housing conditions in the Northwest Territories. This partnership between the Northwest Territories and Canada will significantly enhance the Northwest Territories’ ongoing plan of housing delivery and significantly improve the lives of Northwest Territories residents through the provision of affordable housing and stimulus to the Northwest Territories’ economy”, said the Honourable Michael McLeod, Minister responsible for the Northwest Territories Housing Corporation.

Today’s announcement includes federal funding of $55 million over two years under Canada’s Economic Action Plan as part of a one-time investment of $2 billion to build new and renovate existing social housing in Canada. The Northwest Territories will match the federal contribution of $55 million dollars.

These investments build upon the $1.9 billion commitment for housing and homelessness programs announced by the Government of Canada in September 2008, which extended the Affordable Housing Initiative and the renovation programs for low-income households for two years. Today’s announcement includes a further combined investment of more than $7 million by both levels of government for the two-year extensions to build new affordable housing and assist low-income households with needed renovations to their homes. Overall, the federal contribution is $59 million, while the Northwest Territories will contribute $58 million for a combined investment of $117 million.

CMHC has been Canada’s national housing agency for more than 60 years. CMHC is committed to helping Canadians access a wide choice of quality, affordable homes and making vibrant and sustainable communities and cities a reality across the country.

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. To learn more about Canada’s Economic Action Plan, visit www.actionplan.gc.ca.