EDMONTON, ALBERTA--(Marketwired - May 2, 2014) - Together, the Governments of Canada and Alberta announced an additional combined investment of some $202 million over five years, to help more individuals and families in housing need. The funding will be delivered through an extension to the Investment in Affordable Housing (IAH) agreement.
"Our Government is committed to smart investments in housing to create better economic outcomes for the Canadian families who benefit from these programs," said the Honourable Candice Bergen, Minister of State for Social Development. "We also recognize the value of the provinces and territories having flexibility to make their own decisions regarding the allocation of our investment in order to meet their local needs and priorities."
"Housing is a basic necessity, and the Alberta government is committed to working with the federal government to ensure lower-income families, seniors and others have a safe and affordable place to live," said Acting Municipal Affairs Minister Greg Weadick. "We welcome this continued partnership to create even more opportunities to develop housing that best meets our provincial priorities and local needs."
The federal portion of this funding comes from Economic Action Plan 2013, which announced the Government of Canada's commitment to investing more than $1.25 billion nationally over five years to extend the Investment in Affordable Housing and to creating opportunities for apprentices, which will support the training of skilled labour in residential housing. Governments will report annually to the public regarding the investments and progress toward achieving the intended outcomes of the IAH.
Under the IAH, the Province of Alberta has the flexibility to design and deliver a range of affordable housing programs to address local housing needs and priorities. The Province of Alberta's priorities for this funding will include adding new housing supply as well as the regeneration of the seniors' lodge portfolio.
On November 18, 2011, the Governments of Canada and Alberta announced an IAH agreement with a combined investment of more than $121 million for the 2011-2014 period. This new agreement extends the original agreement for the 2014-2019 period with an additional combined investment of some $202 million. From April 2011 to December 2013, the IAH has already helped more than 177,500 households nationally, including close to 650 households in Alberta.
Alberta Municipal Affairs works with more than 400 organizations, including municipalities, housing management bodies, non-profit and private sector organizations to ensure housing for Albertans in need. The Ministry contributes to the inclusion, well-being, and independence of lower-income Albertans through safe, sustainable and affordable housing and assists communities with addressing their unique needs. For more information, visit www.municipalaffairs.alberta.ca/housing.cfm.
To find out more about how the Government of Canada, through Canada Mortgage and Housing Corporation, is working to build stronger homes and communities for all Canadians, call CMHC at 1-800-668-2642 or visit www.cmhc.ca/affordablehousing. For more information on Canada's Economic Action Plan, call 1-800-O Canada or visit www.actionplan.gc.ca.
Backgrounder: For information on the Investment in Affordable Housing, click here.
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