Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

September 25, 2009 23:59 ET

Peterborough celebrates new affordable housing

PETERBOROUGH, ON, Sept. 25 - The Government of Canada, the Government of Ontario, and the City of Peterborough today celebrated the opening of 48 new affordable rental units. This project is supported by $3.36 million in funding through the Canada-Ontario Affordable Housing Program.

Dean Del Mastro, Member of Parliament for Peterborough, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development Canada, and Minister Responsible for Canada Mortgage and Housing Corporation; Jeff Leal, Member of Provincial Parliament for Peterborough, on behalf of the Honourable Jim Watson, Minister of Municipal Affairs and Housing; Paul Ayotte, Mayor of Peterborough; and project sponsor Amit Sofer, President of the TVM Group attended the event.

"When it comes to building safe and strong communities, it takes the efforts of many to achieve success. It takes partnerships at all levels of government to get real results," said MP Del Mastro. "This project demonstrates what we can achieve when we work together."

"Through the construction of safe affordable housing, we are helping vulnerable people establish and maintain the stability that many of us take for granted," said MPP Leal. "I am very proud that the provincial and federal governments have joined together to create this complex. These units are going to make a significant difference in the lives of many families in our area."

Today's announcement recognized the official opening of 443 Reid Street, a school that was converted into a 48-unit complex sponsored by TVM Schoolhouse Inc. The $5.6 million project will be occupied by low income individuals and families and individuals with special needs.

The federal and provincial allocations to the project were complemented by over $653,000 in municipal financial incentives.

"The City of Peterborough is pleased to see this historic building continue to provide a benefit to the community by providing people with disabilities an accessible place to live," said Mayor Ayotte. "We are grateful to The TVM Group and Kawartha Participation Projects for their dedicated commitment to serve our community."

"The TVM Group is very proud to present these 48 units. 443 Reid Street is a special, purpose-built conversion of a historic school property which became surplus into a heritage designated fully accessible affordable residential complex," said Mr.Sofer President of The TVM Group. "This adaptive reuse has preserved an important community asset, and ensured its long-term contribution to our community."

The Canada-Ontario Affordable Housing Program Agreement, signed in 2005, 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 39 totaling over $76.5 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

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 For more information on Canada's Economic Action Plan, call 1-800-O Canada or visit

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Contact Information

  • Michelle Bakos, Office of Minister Finley, (819) 994-2482; Jill Noble, Canada Mortgage and Housing Corporation, (416) 250-2761; Adam Grachnik, Office of Minister Watson, (416) 585-6492; Susan Bacque, City of Peterborough, (705) 742-7777 ext. 1402