Canadian Mortgage News

March 2005 National News Archive

32 Affordable Housing Proposals in British Columbia and Yukon Get Early Stage Funding

Housing Minister Announces Seed Funding Recipients

VANCOUVER, British Columbia, March 15, 2005 — A total of 32 community-based organizations and developers in British Columbia and Yukon will receive up to $20,000 each to develop affordable housing project proposals under Canada Mortgage and Housing Corporation's (CMHC) Seed Funding initiative.

The Honourable Joe Fontana, Minister of Labour and Housing, made the announcement today, saying the selected applicants in British Columbia and Yukon are among 204 housing proponents selected from across Canada. The selection was made following a call for applications issued in November 2004, which resulted in 428 proposals being submitted from across Canada.

"With the Seed Funding initiative, the federal government is helping local organizations to develop housing solutions that meet the needs of their community," said Minister Fontana. "The large response received from community groups and leaders across Canada, demonstrates how Canadians want to be involved in their housing solutions."

Seed Funding offers financial assistance to groups and individuals for predevelopment work on proposed housing projects that will be affordable, innovative, community-based, or any combination of these characteristics. Priority was given to proposals that will address affordable housing needs in their community. CMHC financial assistance is in the form of a grant of up to $10,000 and an interest-free loan of up to $10,000.

Seed Funding recipients will use the money to pay for a variety of preliminary activities, including studies to evaluate need and demand for the proposed project, development of a business plan, and preliminary design work.

Once the initial viability of the proposed housing project has been established, proponents may be eligible for other supports to turn their housing proposals into homes. These can include CMHC's interest-free proposal development loans, mortgage loan insurance to facilitate financing, and/or Federal-Provincial or Federal-Territorial Affordable Housing funds.

Where a training need is identified, CMHC's capacity development initiative will assist Seed Funding recipients to acquire the information and skills they need to organize themselves and obtain a general understanding of the housing development process and property management requirements.

In evaluating the applications for Seed Funding, CMHC looked at the clarity of the proponent's objectives, compatibility with program criteria, ability of applicants to carry out the proposed activities, the need for Seed Funding, and evidence of community support.

"For recipients, Seed Funding is a critical investment of financial support needed to build the capacity of community groups to find local solutions to housing challenges, to help each group to make their affordable housing idea a reality," added Minister Fontana.

Canada Mortgage and Housing Corporation (CMHC) is Canada's national housing agency. For over 55 years, CMHC has been contributing to improving the living conditions and the well-being of Canadians through four areas of housing activities – housing finance, assisted housing, research and information transfer, and export promotion. CMHC is committed to helping Canadians access a wide choice of quality, affordable homes, and making vibrant and sustainable communities a reality across the country.

The list of Seed Funding recipients for British Columbia and Yukon is attached.

For further information, please contact:

Stephen Hall
CMHC
(604) 737-4118

Ann Barnes
CMHC
(604) 737-4173

Peter Graham, Director of Communications
Office of Minister Fontana
(819) 953-5646

2005 British Columbia and Yukon Seed Funding Recipients

News source: Canada Mortgage and Housing Corporation (CMHC)