ESTEVAN, SASKATCHEWAN--(Marketwire - Oct. 12, 2012) - The Governments of Canada and Saskatchewan, along with SV Rental Corporation, celebrated the grand opening of a new affordable housing complex today. The 12-unit townhouse style complex, located at 1621 First Street, will assist families in Estevan in housing need. The project received funding in the amount of $1 million through the federal/provincial Investment in Affordable Housing 2011-2014 Agreement to enable six of the units to be affordable rental housing. The six units are comprised of four two-bedroom units and two three-bedroom units.
Ed Komarnicki, Member of Parliament for Souris-Moose Mountain, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC) along with Doreen Eagles, Member of the Legislative Assembly for Estevan, on behalf of the Honourable June Draude, Minister of Social Services and Minister Responsible for Saskatchewan Housing Corporation, made the announcement today.
"Our Government is committed to working with its partners to develop and implement local solutions to housing in Saskatchewan," said MP Komarnicki. "This investment will help families access safe and affordable housing that meets their needs."
"I am very pleased that so many people have come together to help more Estevan families find housing that they can afford," said MLA Eagles. "Our goal is to continue to support the creation of additional housing supply across the province. By working together with our partners, we are well on the road to achieving that goal."
"SV Rental Corporation is pleased to develop six affordable rental units in Estevan as a direct result of our partnership with the Provincial and Federal governments," said SV Rental Corporation President John Aston. "These six new units will provide preferred accommodations for young families in Estevan, at affordable rental rates. We are proud to have been selected as the proponent for this project and look forward to future opportunities to partner on affordable rental initiatives."
This funding comes as a result of the recently announced $55 million Investment in Affordable Housing 2011-2014 Agreement between the Governments of Canada and Saskatchewan. Under the agreement, the Province of Saskatchewan will use the funds to create new and renovate existing affordable housing for households in need.
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 Saskatchewan, this represents some 29,900 households. 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.
Since March 2011, the Government of Saskatchewan has committed $344 million to housing initiatives. It is expected that these investments will result in over 12,900 new and rejuvenated units. This includes the newly announced Corporate Income Tax Rebate on New Rental Housing - an estimated $34 million for the first five years. Along with the Rental Construction Incentive, the Rebate will create up to 10,000 new rental units, a 29 per cent increase in the primary rental market in Saskatchewan.
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.ca.