New Affordable Housing Open in Regina

REGINA, SASKATCHEWAN--(Marketwired - April 14, 2014) - Eight new affordable rental units were officially opened today at 1936 Cameron Street in Regina. These new units are made possible by a joint investment from the Governments of Canada and Saskatchewan and community partners.

Ray Boughen, Member of Parliament for Palliser, on behalf of the Honourable Candice Bergen, Minister of State (Social Development), along with the Honourable June Draude, Minister of Social Services and Minister responsible for Saskatchewan Housing Corporation made the announcement today. The project is being undertaken by PR Investments Inc.

"Our Government remains committed to helping those who need it most," said MP Boughen. "That's why we're investing in this project in Regina, which will deliver safe and affordable housing that meets the needs of individuals in need."

"These new units are a wonderful example of what can be achieved when we work together to develop more affordable housing opportunities," said Minister Draude. "It is important to ensure that we increase housing supply for all Saskatchewan citizens, especially those in greatest need. We are proud to work with the federal government and PR Investments Inc. to achieve these goals."

"By working together, we continue to find positive solutions to Regina's affordable housing issue," said Mayor Michael Fougere. "These partnerships are essential as we strive to meet the ever changing needs of Regina's growing population and grow our economy."

The Government of Canada, through Canada Mortgage and Housing Corporation (CMHC) and the Province of Saskatchewan, through Saskatchewan Housing Corporation (SHC), have jointly contributed $320,000 to the project. In addition, SHC is matching the City of Regina's $40,000 funding as part of the Rental Construction Initiative. PR Investments Inc. is providing the funding balance of $400,000 through cash, land equity and financing.

"This funding really helps meet the needs of lower income clients in Regina," said Wade Probe, CFO/Controller of PR Investments Inc. "It also holds landlords accountable to high standards and offers truly affordable housing to people who need it and deserve it."

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 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. 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.

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.