Governments of Canada and Northwest Territories Reach New Affordable Housing Agreement

OTTAWA, ONTARIO--(Marketwire - Dec. 20, 2011) -

Editors' Note: A photo for this release will be available on the Canadian Press picture wire via Marketwire.

The Governments of Canada and Northwest Territories today announced a combined investment of $11 million under a new affordable housing agreement that will continue to reduce the number of households in housing need. The Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC) along with the Honourable Jackson Lafferty, Deputy Premier of the Northwest Territories, made the announcement today.

"Our Government is helping make affordable housing available in the Northwest Territories and across the country for those who need it the most," said Minister Finley. "Knowing that each community is unique, this agreement promotes local solutions for housing challenges, while at the same time creating jobs strengthening our overall economy."

"The Government of the Northwest Territories (GNWT), through the Northwest Territories Housing Corporation (NWTHC), has made significant investments in affordable housing across the Northwest Territories," said Minister Lafferty, on behalf of the Honourable Robert C. McLeod, Minister Responsible for the NWTHC. "The investments announced by the Government of Canada and the GNWT today are the kind of investments critical to the sustainability of our communities and have an important impact toward addressing housing need in the Northwest Territories.

The agreement comes as a result of the recently announced Investment in Affordable Housing 2011-2014 Framework between the federal, provincial and territorial governments. Under the new agreement, the Northwest Territories will use the funds to create new and renovate existing affordable housing for households in need.

Both levels of government will publicly release annual progress reports on progress made from the investments. Recognizing the diversity of affordable housing needs throughout the country, Northwest Territories will have responsibility for the design and delivery of programs in order to address specific priorities in its jurisdictions.

Today's announcement fulfills the remainder of a five-year commitment made in September 2008 by the Government of Canada to provide more than $1.9 billion to address the needs of low-income Canadians, those at risk of homelessness, and the homeless.

The federal and territorial governments also announced close to 900 renovated and new affordable housing units in the Northwest Territories for low-income families, seniors and persons with disabilities as a result of the combined $30 million federal and territorial investment under Year Two funding from the initial phase of Canada's Economic Action Plan.

Canada's Economic Action Plan

The federal investments announced today are part of the Government of Canada's $1.9 billion commitment for housing and homelessness programs announced in 2008. The initial phase of Canada's Economic Action Plan built on this with an additional one-time investment of more than $2 billion over two years in new and existing social housing, plus $2 billion in low-cost loans to municipalities for housing-related infrastructure.

Government of Northwest Territories

Partnering with the Government of Canada to improve the housing conditions of Northwest Territories residents with this matched investment will have resulted in the construction, renovation and repair of approximately 1900 homes across the territory and addressed the housing needs of many residents that face varied and unique housing challenges living in northern communities. As housing need continues to be of critical importance, the GNWT looks forward to this continued partnership through these investments.

CMHC

To find out more about how the Government of Canada, through CMHC, is 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 an audio quote of Minister Finley (for your use), please click:

http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2011/upload/NWT_English.mp3

http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2011/upload/NWT_English.wav

Backgrounder: For information on the Investment in Affordable Housing 2011-2014 Framework visit: www.cmhc.ca/en/corp/nero/nere/2011/2011-07-04-0930.cfm

To view the photo associated with this press release, please visit the following link: http://www.marketwire.com/library/20111220-cmhc_1220_800.JPG