Newly Renovated Housing Project Opens in Melfort

MELFORT, SASKATCHEWAN--(Marketwired - June 14, 2013) - Renovations have been completed on a 24-unit apartment building, located at 115 McKendry Avenue West in Melfort. These renovations will improve housing quality and accessibility for residents. The Government of Canada and the Province of Saskatchewan, along with Tamarack Ventures Inc., marked the completion today.

Randy Hoback, Member of Parliament for Prince Albert, 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 Kevin Phillips, Member of the Legislative Assembly for Melfort, on behalf of the Honourable June Draude, Minister of Social Services and Minister responsible for Saskatchewan Housing Corporation, made the announcement today.

"The Government of Canada is helping to make affordable housing available in Saskatchewan and across the country for those who need it the most," said MP Hoback. "These renovated units will improve the housing conditions for low-income households by providing access to safe, affordable housing that meets their needs. 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."

"We are proud to have invested in the renovation of these homes," said MLA Phillips. "We are pleased to work with the federal government and community groups such as Tamarack Ventures Inc. to carry out the necessary repairs for the long-term benefit of the residents, and to ensure the homes remain safe and secure. Today's announcement is a great example of what can be achieved when we work together to help improve the quality of life of Saskatchewan people."

"By accessing the federal and provincial program, we were able to renovate all the necessary components of the building, doing twice as much as we could have done without the additional funding," said Joe Remai, President/Owner of Tamarack Ventures Inc. "My tenants will realize a more efficient apartment health-wise, access-wise and in the long-term economically."

The total cost of the building renovations in Melfort is approximately $681,000. The Government of Canada, through CMHC, and the Province of Saskatchewan, through Saskatchewan Housing Corporation, contributed a combined total of $376,000. Tamarack Ventures Inc. provided the funding balance of $305,000 through cash equity.

Building repairs included installation of a new boiler, electrical improvements, kitchen and bathroom repairs, patio doors, balcony railings, windows and siding, as well as upgrades to sidewalks, exterior and emergency lights, smoke detectors, intercom systems and the installation of a new elevator.

Tamarack Ventures Inc. also renovated their 24-unit Castlegar Heights project located at 58 - 18^th Street in Prince Albert. The total cost of the improvements is approximately $373,000. The federal and provincial governments contributed a combined total of $240,000, with the funding balance of about $133,000 provided through cash equity by Tamarack Ventures Inc.

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.

Economic Action Plan 2013 continues this commitment with a proposed federal investment of more than $1.25 billion over five years to renew the Investment in Affordable Housing to 2019. Funds provided to provinces and territories through IAH agreements will support the use of apprentices, which will support training of skilled labour. More than 136,000 households across Canada are no longer in housing need as a result of funding provided under the IAH from April 1, 2011-December 31, 2012.

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 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.

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.