Governments of Canada and Prince Edward Island Extend Funding to Offer More Affordable Housing Solutions in PEI

CHARLOTTETOWN, PRINCE EDWARD ISLAND--(Marketwired - April 25, 2014) - Together, the Governments of Canada and Prince Edward Island announced an additional combined investment of some $15 million over five years, to help more individuals and families in need access affordable housing. The funding will be delivered through an extension to the Investment in Affordable Housing (IAH) agreement.

"Our Government remains 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. "By partnering with the provinces and territories we want to ensure that this investment improves the quality of life of low-income Canadians, and creates needed jobs and opportunities for apprentices."

"The Prince Edward Island Social Action Plan to Reduce Poverty provides a framework to strengthen supports to vulnerable Islanders in areas including housing," said Hon. Valerie E. Docherty, Minister of Community Services and Seniors. "We are pleased the federal government has committed to extend the Investments in Affordable Housing agreement for five additional years so we can continue to focus on this important social program."

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 Prince Edward Island has the flexibility to design and deliver a range of affordable housing programs to address local housing needs and priorities. Through this extended agreement, Prince Edward Island will continue to offer programs including the PEI Home Renovation Programs and the recently announced PEI Seniors Home Care Renovation Program, which will allow more seniors to stay in their homes or with family members.

On April 19, 2013, the Governments of Canada and Prince Edward Island announced an IAH agreement which replaced the previous renewal of existing affordable housing and renovation program agreements. Taken together the IAH and previous agreements provided a combined investment of almost $7.6 million for the 2011-2014 period. This new agreement extends the IAH agreement for the 2014-2019 period with an additional combined investment of some $15 million. From April 2011 to December 2013, the IAH has already helped more than 177,500 households nationally, including more than 920 in PEI.

The government of Prince Edward Island is committed to providing safe, affordable and quality housing to low and moderate income families and seniors across the province. For more information go to www.gov.pe.ca/homereno or call 902-620-3777.

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/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.