Renovation of Rental Housing Project Underway in Prince Albert

PRINCE ALBERT, SASKATCHEWAN--(Marketwired - Oct. 18, 2013) - Tenants at Pineland Apartments, located at 235 - 10^th Street East in Prince Albert will enjoy improved housing quality as a result of renovations being made to 23 one-bedroom suites. The renovations are being 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 Victoria Jurgens, Member of the Legislative Assembly for Prince Albert Northcote, on behalf of 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 Stewart Property Holdings Ltd.

"This investment will continue to help Canadians access safe and affordable housing that meets their needs, while also creating jobs for the local economy," said MP Hoback. "Our government remains committed to working with our partners to develop and implement solutions to housing both in Prince Albert and across Canada. We remain 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."

"This project is a wonderful example of what can be achieved when we work together to develop more housing opportunities in Prince Albert," said MLA Jurgens. "Repairing rental properties not only improves the quality of life for the residents who live in them, but it also ensures that the suites are safe and secure for years to come. We are proud to work with the federal government and Stewart Property Holdings Ltd. to achieve these goals."

"Our motto is 'changing our communities, one building at a time', and the Pinelands project is a clear example of how that can happen when we have great partnerships," said developer Tyler Stewart. "Over the years, this building has had a very negative impact on the community and has provided poor living conditions for those living there. Through extensive renovations, we hope to provide a beautiful home for those over age 55 and cannot afford market rent. Both the provincial and federal governments have shown a great monetary commitment to encourage the development of affordable housing. We feel fortunate to have their support, which will allow us to keep doing these types of projects. We are creating dignified, quality housing at below market rents in Prince Albert, while still revitalizing and attracting new people to the area."

The total cost of the renovations is approximately $1 million, and will consist of improvements to plumbing, heating and electrical systems as well as structural repairs. 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. is providing the funding balance of $407,000 through mortgage financing.

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 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.

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. 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.