New Affordable Housing Officially Opens in Saskatoon

SASKATOON, SASKATCHEWAN--(Marketwired - Sept. 28, 2013) - The Government of Canada and the Province of Saskatchewan, along with Innovative Residential Inc., today celebrated the official opening of Hartford Heights. Located at 118 Shillington Crescent in the Blairmore neighbourhood of Saskatoon, the new affordable housing complex will provide 40 modular, stacked, two-and three-bedroom townhouse units for families in housing need.

Randy Hoback, Member of Parliament for Prince Albert, on behalf of the Honourable Candice Bergen, Minister of State (Social Development), along with the Honourable Gord Wyant, Minister of Justice and Attorney General and Member of the Legislative Assembly for Saskatoon Northwest, on behalf of the Honourable June Draude, Minister of Social Services and Minister responsible for Saskatchewan Housing Corporation, and His Worship Donald Atchison, Mayor of the City of Saskatoon, made the announcement today.

"Our Government is investing in affordable housing here in Saskatoon and across Canada to help create jobs and improve the quality of life for those who need it most," said MP Hoback. "There is a genuine need for skilled labour in Saskatchewan, and with our partners, we are working to provide affordable housing for people who want to work and live here. Our Government remains focused on four priorities, as outlined by the Prime Minister, that Canadians care most about: their families, the safety of our streets and communities, their pride in being a citizen of this country, and of course, their personal financial security."

"Providing Saskatchewan people with homes that meet their various needs is a goal that we share with our housing partners," said Minister Wyant. "Hartford Heights, Innovative Residential's first rental project, is a solution to families who want to own a home, but have experienced barriers such as qualifying for financing. This project, and others,is an important part of the Saskatchewan Plan for Growth, the aim of which is to build a better life for all Saskatchewan people."

The total cost of the development is approximately $7.4 million. The federal and provincial governments are jointly contributing $2 million under the Investment in Affordable Housing 2011-2014 Agreement towards 20 affordable units out of the 40-unit project. The City of Saskatoon is providing $360,000 for the 20 affordable units, with the funding balance being provided by Innovative Residential Inc. The 20 market units in Hartford Heights also received $94,000 in funding from the Province's Rental Construction Incentive.

"Attainable housing is a top priority for me and for the City of Saskatoon," said Saskatoon Mayor Donald Atchison. "It is the cornerstone of a successful and vibrant community. When a family has a safe secure place to live, they are more productive members of our city. For the last six years we have led the nation in finding innovative ways to provide attainable housing. I am proud to partner with the federal and provincial governments and Innovative Residential as we invest in our 21^st Century City."

"Hartford Heights, a rental community built by Innovative Residential, offers a solution to families who want to own a home, but have experienced barriers such as qualifying for mortgage financing," said Tyler Mathies, Co-Founder and CEO of Innovative Residential Inc. "Qualified tenants are able to rent at reduced rates while being guided through various programs to help them overcome these barriers to homeownership. We are also excited that this development has been recognized as the first Energy Start® qualified Multi-Unit Residential Rental Development in Canada - this reduces ongoing costs to improve affordability for tenants. Support from all levels of Government has been critical to ensuring the success of this community and these new programs."

Annually, the Government of Canada, through Canada Mortgage and Housing Corporation (CMHC), will invest approximately $2 billion in housing. Of this amount, $1.7 billion will be spent in support of close to 594,000 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 Investment in Affordable Housing. 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 Investment in Affordable Housing 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. More than 146,769 households across Canada are no longer in housing need as a result of funding provided under the IAH from April 1, 2011 to June 30, 2013.

Last October, 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. Under the Plan, the province has invested $344 million to help create 12,600 new housing units and repair or upgrade approximately 24,000 more housing units around 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-schl.gc.ca.