Privacy  
CanEquity Mortgage Canada
Canadian mortgage rates,
mortgage calculator & news.

Canadian Mortgage News

July 2009 National News Archive

 

Related Links:
National Archive
2009 Archive
January 2009
February 2009
March 2009
April 2009
May 2009
June 2009
July 2009
August 2009
September 2009
October 2009
November 2009
December 2009


CanEquity Mortgage News RSS 2.0 Feed

CanEquity Mortgage News Atom Feed

About RSS and Atom Feeds

Portable Document Format Printable Version Page d'accueil franšais

Ottawa Celebrates New Affordable Housing

OTTAWA, Ontario, July 10, 2009 — The Government of Canada, the Government of Ontario and the City of Ottawa today celebrated the start of construction of the Beaver Barracks housing project that will create 248 new affordable housing units in Ottawa. The project, developed by Centretown Citizens Ottawa Corporation (CCOC), is supported by $18.3 million in funding through the Canada – Ontario Affordable Housing Program.

Royal Galipeau, Member of Parliament for Ottawa – Orléans, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development Canada and Minister Responsible for Canada Mortgage and Housing Corporation; the Honourable Jim Watson, Ontario’s Minister of Municipal Affairs and Housing; and Doug Thompson, the acting Mayor of Ottawa, attended the ceremony today.

“We are proud to support community efforts that help find local solutions to local problems," said MP Galipeau. "Through this investment, the Government of Canada is helping to provide safe and supportive housing for seniors, families and singles, including persons living with special needs, enabling those people to turn a new page in their lives.”

“Access to decent affordable housing is essential to the health and well-being of our communities,” said Minister Watson. “The 248 new homes created at the Beaver Barracks project will make a positive and significant difference in the lives of vulnerable persons in the City of Ottawa.”

Today’s announcement recognized the first phase of construction of the affordable housing project at Beaver Barracks of which $18.3 million is from the Canada – Ontario Affordable Housing Program. This federal and provincial funding for this project is complemented by more than $11.9 million in municipal financial incentives. CCOC’s own equity and mortgage borrowing make up the balance of the project’s financing for a total investment of more than $51 million.

“Access to affordable housing creates a stronger foundation in building a healthy, sustainable community and city,” said Acting Ottawa Mayor Doug Thompson. “The City’s commitment to provide financial grants and incentives to developments — like Beaver Barracks — is part of Ottawa’s long-range plan to help almost 11,000 people in need of affordable housing.”

“We’ve been developing and managing affordable housing for over 35 years, but this is our largest and greenest development so far,” said CCOC President Luke Pelot. “It’s exciting because this is the new way to build cities: intensive urban developments that are affordable, sustainable and accessible, and that support a diversity of ages, abilities, family types and sizes.”

CCOC is a community-owned tenant and member-directed non-profit housing organization that has been developing and managing affordable housing since 1974. When the Beaver Barracks project is completed, CCOC will own and manage over 1550 units in 50 properties across downtown Ottawa.

The Canada – Ontario Affordable Housing Program 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.

Last fall, 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.

Ontario is moving quickly to implement this additional funding, which increases the number of “quick start” projects to 33 totaling over $54.7 million and which will improve access to affordable housing for low-income families, seniors and persons with disabilities. It will also create jobs and strengthen local economies. To find out more about affordable housing in Ontario, visit www.mah.gov.on.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. For more information on Canada’s Economic Action Plan, call 1-800-O Canada or visit www.actionplan.gc.ca.

For further information, please contact:

Michelle Bakos
Press Secretary
Office of Minister Finley
Tel.: 819-994-2482

Leslie Pawlowski
Canada Mortgage and Housing Corporation
Tel.: 416-250-3297

Barre Campbell
City of Ottawa
Tel.: 613-580-2450

Adam Grachnik
Minister Jim Watson’s Office
Tel.: 416-585-6492

Catherine Boucher
Centretown Citizens Ottawa Corporation
Tel.: 613-234-4065, ext. 231

News source: Canada Mortgage and Housing Corporation (CMHC)

 

Top of page