Prince Albert Renovation Project Complete With Assistance from Governments of Canada and Saskatchewan

PRINCE ALBERT, SASKATCHEWAN--(Marketwired - Dec. 15, 2014) - The Government of Canada and the Province of Saskatchewan, along with Stewart Property Holdings, today announced the completion of renovations to extend the life of Pineland Apartments, located at 235 - 10^th Street East in Prince Albert. Twenty-three tenants will enjoy improved housing quality as a result of the repairs, which included improvements to plumbing, heating, electrical and fire safety systems. The renovations, undertaken by Stewart Property Holdings Ltd., were made possible by a joint investment from the Governments of Canada and Saskatchewan.

Randy Hoback, Member of Parliament for Prince Albert, on behalf of the Honourable Candice Bergen, Minister of State (Social Development), along with the Honourable Donna Harpauer, Minister of Social Services and Minister responsible for Saskatchewan Housing Corporation, made the announcement today.

"Funding renovation projects like this one are great ways to get the local economy moving, because it puts construction workers and trades people to work quickly," said MP Hoback. "Our Government is not only helping to revitalize an older neighbourhood and building, it's providing access to newly renovated, affordable housing to members of this community. These units are more than just safe and affordable places to live, they are key to a better life for the residents who will call them home."

"Our Government is pleased to work in partnership with the Government of Canada and Stewart Property Holdings Ltd. to help preserve these homes," said Minister Harpauer. "Pineland Apartments is an integral part of this community, and these renovations will ensure that the building will continue to be a part of Prince Albert's landscape for years to come. Most importantly, the tenants will continue to live in safe, quality homes that will remain affordable."

"This project has changed people's lives and by keeping the building from being torn down, we've helped to rejuvenate the area," said Tyler Stewart, President and CEO of Stewart Property Holdings. "Without government funding, it's impossible to do this kind of project because of the tight margins. Thanks to government support, we created an awesome project that's not just a balance sheet. It's something with character that affects the community and has a positive effect on the residents."

The total cost of renovations to the 23 one-bedroom rental suites is approximately $1 million. The Government of Canada, through Canada Mortgage and Housing Corporation (CMHC) and the Province of Saskatchewan, through Saskatchewan Housing Corporation (SHC), contributed a combined total of about $600,000. Stewart Property Holdings Ltd. provided the funding balance of $407,000 through mortgage financing.

Annually, the Government of Canada, through Canada Mortgage and Housing Corporation (CMHC), will invest approximately $2 billion in housing. These investments improve 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 continued 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.

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 2007, the Government of Saskatchewan has invested over $520 million to develop and repair more than 11,600 homes around the province.

To find out more about how the Government of Canada and CMHC help Canadians meet their housing needs, call CMHC at 1-800-668-2642 or visit www.cmhc-schl.gc.ca.

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