Canadian Mortgage News

April 2010 National News Archive

Canada's Economic Action Plan Creates Jobs and Improves Social Housing in Ontario - St. Catharines

ST. CATHARINES, Ontario, April 06, 2010 — Today, Rick Dykstra, Member of Parliament for St. Catharines, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC) announced that the Government of Canada will invest in a housing co-operative with 14 projects located in St. Catharines. The co-operative will receive more that $500,000, through Canada’s Economic Action Plan, as part of the social housing renovation and retrofit investments.

“Through Canada’s Economic Action Plan, our government is taking action to help ensure our economic recovery and create the conditions for long-term growth," said Rick Dykstra. “Funding renovation and retrofit projects, like this one, will not only improve the quality of life of its residents by keeping their homes safe and affordable, but it will also help stimulate the local economy and create local jobs.”

The Government of Canada, through Canada’s Economic Action Plan, announced $1 billion for social housing renovation and retrofit. Of the $1 billion, $850 million is being delivered by provinces and territories on a cost-matched basis for existing federally assisted social housing projects which they administer on behalf of the partnership. The remaining $150 million is being delivered by CMHC for existing federally assisted off-reserve housing which it directly administers. Eligible repairs include general improvements, energy efficiency upgrades or conversions, and modifications in support of persons with disabilities.

Cornerstone Co-operative Homes will receive a contribution from the Government of Canada to replace windows and doors, and upgrade furnaces in their 14 projects.

“We congratulate and thank the federal government and CMHC for making a sound investment to help ensure that this affordable community is preserved as a legacy for the long-term benefit of its residents, “ said Ken Elliott, President of the Co-operative Housing Federation of Canada. “Today’s announcement is an excellent example of stimulus funding that works towards preserving jobs, assisting the local economy, and protecting valuable affordable housing assets for Canadians.”

“In the spirit of cooperation, Cornerstone Co-operative Homes will continue to strive to provide quality affordable housing to future generations,” said Shelley Stewart, President of Cornerstone Co-op Homes. “Thanks to the Government of Canada and CMHC, for without the grant, this work could not have been completed.”

More information on this and other measures in Canada’s Economic Action Plan, the federal government’s plan to stimulate the economy and protect those hit hardest by the global recession, 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.

News source: Canada Mortgage and Housing Corporation (CMHC)