YELLOWKNIFE, NT, Jan. 17, 2022 /CNW/ - Everyone in Canada deserves a safe and affordable place to call home. Affordable housing is key to Canada's pandemic recovery, and the Government of Canada has created a national strategy to build and renovate hundreds of thousands of units and provide affordable housing to people across the country.
Today, the Honourable Ahmed Hussen, Minister of Housing and Diversity and Inclusion and Minister responsible for the Canada Mortgage and Housing Corporation (CMHC), along with Michael McLeod, Member of Parliament for Northwest Territories, the Honourable Paulie Chinna, Minister responsible for Northwest Territories Housing Corporation, and Keith Deans, President of Borealis Cooperative, announced details of a $9.05 million investment to renovate a collection of 50 townhouses in Yellowknife through the National Housing Co-investment Fund (NHCF).
The project, located at 2000 Finlayson Drive, will renovate buildings in the Borealis Housing Cooperative. Established in 1983, the Cooperative has operated for more than 35 years, offering significantly below-market housing to the people of Yellowknife.
This investment through NHCF is in addition to the $60 million northern carve-out funding set aside by the Government of Canada to address housing needs and challenges in the Northwest Territories, announced in March 2021. This critical funding is currently being rolled out to offset high construction costs caused by the unique building challenges faced in the north and are designated for initiatives that serve those most at-risk, including women and their children, people with disabilities, and seniors.
Through the NHCF, the Government of Canada is working with partners to build up to 60,000 new affordable homes and repair up to 240,000 existing affordable and community homes. This program is a part of the National Housing Strategy and will ensure that housing is within reach for all Canadians no matter where they live.
"Every Canadian deserves a safe and affordable place to call home. Our government is committed to helping those who need it most, and this project will make a real difference in the lives of people in Yellowknife. We will continue to do our part to create even more affordable housing that will benefit all Canadians for decades to come." – The Honourable Ahmed Hussen, Minister of Housing and Diversity and Inclusion and Minister responsible for CMHC
"The revitalization of these 50 homes at Borealis Housing Cooperative is yet another example of what can be achieved when we work together. Through this collaboration, we are helping to ensure that all people living in Yellowknife have safe and affordable housing that enables them to thrive." – Michael McLeod, Member of Parliament for Northwest Territories
"The Borealis Housing Cooperative provides important affordable housing units in Yellowknife, and I am pleased that these homes will be revitalized. Today's announcement demonstrates what we are able to accomplish when we work in partnership. I am confident that with the support and partnership of the federal government, Indigenous governments and organizations, community governments, and other stakeholders, that we can help make housing in many communities across the NWT more affordable and more accessible for NWT residents. I look forward to continued partnership with the Government of Canada to support residents of the Northwest Territories." – The Honourable Paulie Chinna, Minister responsible for Northwest Territories Housing Corporation
"Members of the Borealis Housing Cooperative are very appreciative to have received a repayable loan up to $9.05 million from CMHC's National Housing Co-Investment Fund. These funds will help the Co-op finance needed updates to our homes, greatly improve energy efficiency, and ensure our members and community continue to have safe and affordable housing well into the future. We thank CMHC for working with us to arrange this funding, and the Northwest Territories Housing Cooperation for their contribution and support." – Keith Deans, President of Borealis Cooperative
With a budget of $13.2 billion, the National Housing Strategy's National Housing Co-investment Fund (NHCF) gives priority to projects that help those in greatest need, including women and children fleeing family violence, seniors, Indigenous Peoples, people with disabilities, those dealing with mental health and addictions, veterans and young adults.
Under the NHCF, investments are also planned to create or repair at least 4,000 shelter spaces for victims of family violence, as well as create at least 7,000 new affordable housing units for seniors and 2,400 new affordable housing units for people with developmental disabilities.
To help Canadians find affordable housing, Budget 2021 provides an additional $2.5 billion over seven years in new funding and to reallocate $1.3 billion in previously announced funding to speed up the construction, repair, and support over 35,000 additional housing units.
In Budget 2021, $750 million in existing funding under NHCF has been advanced to 2021-22 and 2022-23. This will accelerate the creation of 3,400 new units and the repair of 13,700 units. $250 million in existing funding will also be allocated to support the construction, repair, and operating costs of an estimated 560 units of transitional housing and shelter spaces for women and children fleeing violence. This funding will help the Government address gender-based violence.
Canada's National Housing Strategy (NHS) is a 10-year, $72+ billion plan that will give more Canadians a place to call home.
As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry. CMHC's aim is that by 2030, everyone in Canada has a home they can afford and that meets their needs. For more information, please visit cmhc.ca or follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.
To find out more about the National Housing Strategy, please visit www.placetocallhome.ca.
SOURCE Canada Mortgage and Housing Corporation
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