Governments of Canada and Ontario Celebrate New Affordable Housing

OTTAWA, ONTARIO--(Marketwire - May 25, 2012) - Funding of almost $145 million for 1,282 new affordable housing rental units for seniors, persons with disabilities and families living on low-incomes was announced today in Ottawa. This funding under the Canada's Economic Action Plan and the Canada-Ontario Affordable Housing Program Agreement lends support to 27 affordable housing developments across Ontario and is creating 3,205 jobs.

The Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC), and the Honourable Kathleen Wynne, Ontario Minister of Municipal Affairs and Housing and Minister of Aboriginal Affairs, along with Ottawa City Councillor Diane Holmes, on behalf of Mayor Jim Watson, made the announcement.

"Our Government's top priorities are job creation, economic growth and long-term prosperity for Canadians," said Minister Finley. "Through continued investments in housing, we are creating local jobs while helping to improve the quality of life in communities across Canada."

"I'm a firm believer that when we get people into safe, affordable housing, we are helping entire neighbourhoods," said Minister Wynne. "These projects will empower residents to live more independently, benefiting all our communities."

"Ottawa City Council is committed to helping Ottawa families not only find a place to call home, but keep it," said Mayor Jim Watson. "In 2011, our very first budget earmarked $14 million annually to tackle homelessness and poverty and we are delighted to partner with the Government of Canada and the Province of Ontario to do even more together."

Today's event was held at Beaver Barracks, a 254-unit affordable housing project located on Metcalfe, Argyle and Catherine Streets in downtown Ottawa. Centretown Citizens Ottawa Corporation (CCOC), the owner and developer of Beaver Barracks, received $490,000 in combined federal/provincial funding under Canada's Economic Action Plan and the Canada-Ontario Affordable Housing Program Agreement to create six new units of affordable housing, including apartments for persons with disabilities. The CCOC's Beaver Barracks development is a $65 million project. It benefitted from $12 million in capital grants and municipal financial incentives and $18.3 million in previously-announced federal and provincial assistance.

CCOC is a community-owned tenant and member-directed private non-profit housing organization that has been developing and managing affordable housing since 1974. When the Beaver Barracks project is completed, CCOC will own and manage over 1,550 units in 50 properties across downtown Ottawa.

The Government of Canada, through CMHC, will invest more than $2 billion in housing this year. Of this amount, $1.7 billion will be spent in support of almost 605,000 households living in existing social housing. In Ontario, this represents some 237,750 individuals and families. These investments are improving the quality of life for low-income Canadians and households living in existing social housing, including individuals who are homeless or at-risk of homelessness, seniors, persons with disabilities, recent immigrants and Aboriginal people.

Ontario continues to build new affordable housing and repair existing units for Ontarians with housing needs. Ontario's overall investment of over $2.5 billion has translated into the construction and repair of more than 270,000 housing units and the provision of 35,000 rent supplements for Ontario families on fixed incomes. The province's Long-Term Affordable Housing Strategy sets a strong foundation for a more efficient, accessible affordable housing system in Ontario.

Affordable housing is a key component of Ontario's Poverty Reduction Strategy. Download a copy of the Government of Ontario's Long-Term Affordable Housing Strategy. To find out more about affordable housing in Ontario, visit www.ontario.ca/housing.

To find out more about how the Government of Canada and Canada Mortgage and Housing Corporation are working to build stronger homes and communities for all Canadians, call CMHC at 1-800-668-2642 or visit www.cmhc.ca.

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BACKGROUNDER

New affordable housing rental units for seniors, persons with disabilities and families in Ontario

These projects received combined $144.93 million federal/provincial funding under Canada's Economic Action Plan and the Canada-Ontario Affordable Housing Program Agreement.