New Affordable Housing Units Constructed in Loon Bay

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwire - Feb. 24, 2012) - The Governments of Canada and Newfoundland and Labrador today announced a combined investment of $140,000 in support of a recently constructed four-unit affordable housing project in Loon Bay for seniors, families and persons with disabilities.

"This investment makes a real and lasting difference in our community," said the Honourable Peter Penashue, Minister of Intergovernmental Affairs, Regional Minister for Newfoundland and Labrador and MP for Labrador, NL on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), "Renovation projects like this one are a good way to get the local economy moving and put construction workers and trades people to work quickly."

Funding for this joint initiative was made possible through Canada's Economic Action Plan and the 2009 extension of the Canada-Newfoundland and Labrador Affordable Housing Agreement. The federal and provincial governments, overall, are contributing an investment of $68.8 million to these programs in the province.

"Working with our private sector and non-profit sector community partners throughout the province, we have made great progress with providing affordable housing options for persons with low to moderate incomes," said the Honourable Tom Hedderson, Minister Responsible for Newfoundland and Labrador Housing Corporation. "This announcement is one of many similar affordable housing partnerships that have come to fruition over the past few years, and we look forward to more in 2012."

The recently completed project provides four new two-bedroom units in Loon Bay. Developers Rex and Florence Newman provided the remaining funding to cover the cost of the project.

"I am proud to be part of making these new affordable homes a reality in our area," said Florence Newman, developer. "This partnership with the federal and provincial governments will help meet the housing needs of people in our region."

A key objective for the provincial government is to stimulate the development of affordable rental housing in the private, public and non-profit sectors. A priority is placed on developing rental housing for persons with disabilities, seniors and those who require support to live independently in the community. This work is also in keeping with A Social Housing Plan for Newfoundland and Labrador- Secure Foundations, released by the provincial government in August 2009, which outlines a long-term vision for social housing. It is aimed at improving the housing circumstances of people with low incomes and helping create healthier communities.

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 615,000 households living in existing social housing. In Newfoundland and Labrador, this represents some 12,500 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.

To find out more about how the Government of Canada and Canada Mortgage and Housing Corporation are working to build stronger homes and communities for all Canadians, call CMHC at 1-800-668-2642 or visit www.cmhc.ca.