Canadian Mortgage News

January 2005 National News Archive

Government Officials Announce More Funding for Affordable Housing

REGINA, Saskatchewan, January 20, 2005 — The federal and provincial government today announced an additional $20 million has been allocated to create more affordable housing for Saskatchewan residents who need it the most.

The announcement was made at the signing of Phase II of the Canada-Saskatchewan Affordable Housing Agreement by the Honourable Joe Fontana, Minster of Labour and Housing, and the Honourable Joanne Crofford, Minister of Community Resources and Employment.

"This agreement strengthens the Government of Canada's partnership with the province, and allows us to move forward on our commitment to provide more affordable housing in Saskatchewan," Minister Fontana said. "We are pleased to be able to provide safe and affordable housing to those who need it the most such as seniors, Aboriginals, and people with disabilities."

"This funding helps us open the door to independence and community involvement for Saskatchewan families," Community Resources and Employment Minister Joanne Crofford said. "Our HomeFirst strategy demonstrates the commitment and the foundation we have built to develop more affordable housing throughout the province. This agreement underlines our resolve to honour this commitment."

The new agreement will see each level of government contribute over $10 million for affordable housing, and extends the original agreement by one year to 2008. Federal funds will be used for capital grants to reduce the cost of housing under three provincially-designed affordable rental housing and home ownership programs.

The announcement brings the total investment by the Government of Canada to over $33 million in funding for Saskatchewan residents under the Canada — Saskatchewan Affordable Housing Program Agreement. This investment will be matched by contributions from the province, municipalities, and other private and non-profit partners.

The Governments of Canada and Saskatchewan signed Phase I of the Affordable Housing Program Agreement on June 28, 2002. It provides for $45.9 million in funds to create approximately 1,500 new units. To date, construction is complete, underway or committed for 720 units, which accounts for almost $26 million of program funding.

For further information, please contact:

Jason Cobb
Communications
Canada Mortgage and Housing Corporation
(403) 585-1497

Janet Miller
Communications
Saskatchewan Housing Corporation
(306) 787-0531

News source: Canada Mortgage and Housing Corporation (CMHC)