Joint Government Funding Increases Affordable Housing For Seniors in Fox Creek

FOX CREEK, ALBERTA--(Marketwire - Aug. 19, 2011) - Seniors in search of affordable housing in Fox Creek will have more housing options thanks to a $1.2 million joint investment for Iosegun Manor by the Government of Canada and the Government of Alberta. The federal and provincial governments are contributing equally to an overall investment of $238 million, over two years, under the amended Canada-Alberta Affordable Housing Program Agreement, which includes funding under Canada's Economic Action Plan.

Iosegun Manor, named through a local contest, is designed for seniors. There are 10 one-bedroom units, including one built to be accessible for a wheel chair user. The development will be managed by Heart River Housing.

"Our Government understands that having a safe and affordable place to call home is important to Canadians and their communities, not only in large city centres, but also in smaller towns like Fox Creek," said Rob Merrifield, Member of Parliament for Yellowhead, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), "We are pleased to have contributed to Iosegun Manor through the stimulus phase of Canada's Economic Action Plan, and wish to thank and congratulate everyone involved in this project."

"Our programs leverage partnerships so we can meet the housing needs of Albertans most in need—at good value to the taxpayer," said Jonathan Denis, Minister of Alberta Housing and Urban Affairs.

"Heart River Housing is pleased to have partnered with the Town of Fox Creek to complete the first phase of the communities vision for Seniors Living Services," said Myrna Lanctot, Chairman of Heart River Housing.

Non-profit organizations, private businesses and municipalities were eligible to apply for the funding through Alberta's Affordable Housing Request for Proposals process which leverages government funding with private-sector dollars. Successful applicants receive funding to purchase or build affordable housing units, renovate existing rental units, develop secondary units in private homes or support other options as identified by the community.

Canada's Economic Action Plan built on the government of Canada's commitment in 2008 of more than $1.9 billion, over five years, to improve and build new affordable housing and help the homeless. The Action Plan provided $400 million, over two years, to build new rental housing for low-income seniors. Overall, it provided more than $2 billion for the construction of new and the renovation of existing social housing, plus $2 billion in low-cost loans to municipalities for housing-related infrastructure.

The Government of Alberta has a clear plan for a strong economic recovery. The Way Forward will bring Alberta back into a surplus position in three years by trimming government spending; using cash reserves to protect key programs; continuing to invest in public infrastructure; and ensuring that our province's industries are competitive and continue to attract investment to provide jobs and prosperity.

The Alberta government is on track to reach its goal to create 11,000 affordable housing units by 2012 with more than 8,700 units being supported during the first three years of the provincial affordable housing initiative. For more information on affordable housing support, visit www.housing.alberta.ca.

More information on this and other measures in Canada's Economic Action Plan, the federal government's plan to stimulate the economy and protect those hit hardest by the global recession, can be found at: www.actionplan.gc.ca. 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/housingactionplan.