Governments of Canada and Saskatchewan Invest in Affordable Housing in Prince Albert

PRINCE ALBERT, SASKATCHEWAN--(Marketwired - June 13, 2014) - The Government of Canada and the Province of Saskatchewan, along with River Bank Development Corporation, marked the start of construction of a new rental housing development that will assist individuals with complex needs. The project will consist of six one-bedroom units (one of which is barrier-free) located at 3096 5A Avenue East in Prince Albert.

Randy Hoback, Member of Parliament for Prince Albert, on behalf of the Honourable Candice Bergen, Minister of State (Social Development), along with Victoria Jurgens, Member of the Legislative Assembly for Prince Albert Northcote, on behalf of the Honourable Donna Harpauer, Minister of Social Services and Minister responsible for Saskatchewan Housing Corporation, made the announcement today.

"We are absolutely committed to increasing the supply of affordable housing in Prince Albert and throughout the country, that's why we're investing in this project which will deliver safe and affordable housing that meets the needs of people in this community," said MP Hoback. "I am proud of the role the federal government played in helping bring this project to life."

"Our government continues to work with partners to create homes for Saskatchewan's most vulnerable populations," said MLA Jurgens. "Providing access to safe, affordable homes is one of the most important ways we ensure a better quality of life for all Saskatchewan people. Improving housing availability and affordability is an important component of Saskatchewan's Plan for Growth and we are proud to work with the Government of Canada and River Bank Development Corporation to put this commitment in action."

"River Bank is pleased to work with the Provincial and Federal Governments on this project," said Brian Howell, Executive Director of River Bank Development Corporation. "These homes will provide single individuals with affordable housing and supports that will meet their individual needs."

The approximate total capital cost is $725,000. The federal and provincial governments are jointly contributing $455,000 under the Canada-Saskatchewan Investment in Affordable Housing 2011-2014 Agreement. The funding balance of approximately $270,000 will be provided by River Bank Development Corporation through mortgage financing and cash equity.

The projects consists of six one-bedroom apartments (including one barrier-free unit), each approximately 560 square feet (52 square metres). The building will be located near amenities and services, with access to transportation.

This funding comes as a result of the $55 million Canada-Saskatchewan Investment in Affordable Housing (IAH) 2011-2014 Agreement. Under the agreement, the Province of Saskatchewan will use the funds to create new and renovate existing affordable housing for households in need.

Annually, the Government of Canada, through CMHC, will invest approximately $2 billion in housing. Of this amount, $1.7 billion will be spent in support of close to 600,000 households living in existing social housing. In Saskatchewan, this represents an estimated 28,000 households. The remaining funding supports housing-related activities and affordable housing programs, including the IAH. 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. Economic Action Plan 2013 continues this commitment with a federal investment of more than $1.25 billion over five years to renew the IAH to 2019.The Government of Canada will ensure that funds provided to provinces and territories support the use of apprentices, which will support training of skilled labour. Close to 177,600 households across Canada are no longer in housing need as a result of funding provided under the IAH from April 1, 2011 to December 31, 2013.

In October 2012, the Government of Saskatchewan released the Saskatchewan Plan for Growth: Vision 2020 and Beyond, which sets out the Government's vision for a province of 1.2 million people by 2020. The plan identifies principles, goals and actions to ensure Saskatchewan is capturing the opportunities and meeting the challenges of a growing province. Since 2011, the government has invested $256 million to develop more than 4,500 units and repair more than 24,300 homes around the province. Since November 2007, 188 housing units have been completed in Prince Albert with support from the province, including 18 affordable rental units for persons at risk of homelessness or with complex needs. An additional 74 units are currently under construction in Prince Albert, not including this project.

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