Groundbreaking for New Affordable Housing in Regina

REGINA, SASKATCHEWAN--(Marketwire - Dec. 17, 2012) - The Government of Canada and the Province of Saskatchewan, along with the City of Regina and Halifax Holdings Inc., broke ground on a new housing development that will assist Regina families in housing need. The project will consist of two 11-unit apartment buildings located at 1921 and 1945 Halifax Street.

Ray Boughen, Member of Parliament for Palliser, 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 Warren Steinley, Member of the Legislative Assembly for Regina Walsh Acres, 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 investing in affordable housing here in Saskatchewan and across Canada to help create jobs and improve the quality of life of Canadians who need it most," said MP Boughen. "Once completed, these apartment buildings will provide affordable rental housing and help make a positive difference in the lives of families in our community."

"Like many communities across the province, Regina is experiencing significant population and economic growth," said MLA Steinley. "Creating more affordable housing is vital to our community's well being so we are very proud to work with the Government of Canada and Halifax Holdings Inc. to add 22 affordable new homes for families who need them the most."

"Addressing the urgent need for affordable housing is a priority. This project is another step toward resolving this issue," said Councillor Shawn Fraser, on behalf of Regina Mayor Michael Fougere. "The City of Regina is pleased to have contributed to this important housing project. It is another great example of what can be accomplished when we work together with our partners to provide homes for families in need."

The total cost of the development is approximately $5.2 million. The Government of Canada, through Canada Mortgage and Housing Corporation, and the Province of Saskatchewan, through Saskatchewan Housing Corporation, are contributing a total of $2.8 million from the federal/provincial Investment in Affordable Housing 2011-2014 Agreement toward this project. The funding balance is being provided through mortgage financing of about $2.2 million and a municipal contribution $200,000.

"This project will bring new, quality rental homes to the Heritage Core Community," said Stephen Onda, President of Halifax Holdings Inc. "We believe that the project will strengthen the community and enhance the quality of life of Regina citizens. This is an exciting project for us, and we are pleased to be able to deliver high quality, affordable housing with our partners."

This funding comes as a result of the $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 approximately $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 12,600 new and rejuvenated units throughout the province.

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.