Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation
Government of British Columbia

Government of British Columbia

June 26, 2016 17:30 ET

Government of Canada Commits Additional Affordable Housing Funding for B.C.

Helping the Canadian economy grow for the benefit of families and seniors

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 26, 2016) - The Government of Canada is investing an additional $150 million over the next two years to help British Columbians in need access affordable housing.

The funding is in addition to the $63 million joint annual funding provided by the governments of Canada and British Columbia under the Investment in Affordable Housing agreement to help create more affordable housing options in B.C.

The new federal government funding includes:

  • $25.2 million to support the construction, repair and adaption of affordable housing for seniors;
  • $10.9 million to support the construction and renovation of shelters and transition houses for victims of family violence; and
  • $50.9 million to help address the increasing demand for repairs as social housing units age and to improve efficiency and reduce energy and water use.

The Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development, made the announcement today in Vancouver, along with the Honourable Rich Coleman, Deputy Premier, Minister of Natural Gas Development and Minister Responsible for Housing. Both Ministers met at a new housing development located at 33-41 E. Hastings Street. The federal and provincial governments are providing more than $9 million through the Investment in Affordable Housing initiative for the construction of 54 new rental apartments for women and children. The building, sponsored by Atira Women's Resource Society, is expected to open later this year.

Federal Budget 2016 investments in affordable housing will provide targeted support to those who need it most, including in British Columbia, and create good jobs that help grow Canada's economy in a clean and sustainable way. The federal and provincial governments will work together to quickly deliver the new funding.

Quotes:

Jean-Yves Duclos, Minister of Families, Children and Social Development and Minister Responsible for Canada Mortgage and Housing Corporation -"All Canadians need and deserve housing that is safe, adequate and affordable. Through new investments in housing, the Government is helping to strengthen the economy and improve the quality of life for families and seniors, providing better places to live and grow."

Rich Coleman, Deputy Premier, Minister of Natural Gas Development and Minister Responsible for Housing - "The Province is partnering with the federal government to build and renovate more affordable and supportive housing for British Columbians. We will be working with communities throughout the province to identify specific housing needs and determine where the additional funding will be distributed."

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Canada Mortgage and Housing Corporation (CMHC) has been helping Canadians meet their housing needs for more than 70 years. As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provide support for Canadians in housing need, and offer unbiased housing research and advice to Canadian governments, consumers and the housing industry. Prudent risk management, strong corporate governance and transparency are cornerstones of CMHC's operations. For more information, please call 1-800-668-2642 or visit www.cmhc.ca or follow us on Twitter, YouTube, LinkedIn and Facebook.

Since 2001, the B.C. government has invested $4.4 billion to provide affordable housing for low-income individuals, seniors and families. This year, nearly 102,000 B.C. households will benefit from provincial social housing programs and services. To find out more, go to: www.bchousing.org.

BACKGROUNDER

Investments in Affordable Housing in Canada

Measures over the next two years to give Canadians greater access to more affordable housing include:
Doubling of the current IAH funding levels by the Government of Canada and provinces and territories, to more than $1 billion over two years, starting in 2016-2017 and 2017-2018.

Through the IAH, the Government of Canada is also providing over two years:

  • $200.1 million to support the construction, repair and adaption of affordable housing for seniors;
  • $89.9 million to support victims of family violence, and the construction and renovation of shelters and transition houses; and
  • $177.7 million to address the housing needs in the North and Inuit communities.

To support $573.9 million for retrofits and renovations of social housing units in Canada, at least $485 million is also provided through the IAH and $82.7 million is delivered by the Government of Canada, through Canada Mortgage and Housing Corporation.

Federal-Provincial-Territorial Ministers' Forum on Housing

On Tuesday, June 28, Minister Duclos and Minister Coleman will be in Victoria for the Federal-Provincial-Territorial Ministers' Forum on Housing.

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