Affordable Housing In Ontario Gets A $1.2 Billion Boost
The Government of Canada and the Province of Ontario are partnering on a joint investment to build new and renovate existing affordable housing.
This investment will help create jobs, strengthen the economy, and improve the quality of life for residents of Ontario.
Both levels of government officially signed an amendment to the Canada-Ontario Affordable Housing Program Agreement, resulting in a joint investment of more than $1.2 billion over the next two years.
The Honourable Diane Finley, Minister of Human Resources and Skills Development Canada and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC) and the Honourable Jim Watson, Ontario Minister of Municipal Affairs and Housing, made the announcement today.
Today's announcement includes federal funding of $535 million over two years under Canada's Economic Action Plan as part of a one-time investment of more than $2 billion to build new and renovate existing social housing in Canada. The Province will also contribute $535 million for these initiatives, over the next two years.
These investments build upon the $1.9 billion commitment for housing and homelessness programs announced by the Government of Canada in September 2008, which extended the Affordable Housing Initiative and the renovation programs for low-income households for two years.
Overall, the federal contribution from these investments is $622 million, while the province is contributing a further $622 million for the combined investment of more than $1.2 billion.
CMHC has been Canada's national housing agency for more than 60 years. CMHC is committed to helping Canadians access a wide choice of quality, affordable homes and making vibrant and sustainable communities and cities a reality across the country.
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.ca/housingactionplan. For more information on Canada's Economic Action Plan, call 1-800-O Canada or visit www.actionplan.gc.ca.
“This government is working hard to support Canadians during these challenging economic times, and we are moving aggressively to ensure Canada's Economic Action Plan is implemented rapidly. We are helping the most vulnerable, including seniors and persons with disabilities, access suitable, affordable housing, as well as making needed renovations to existing social housing both in Ontario and across Canada.”
Honourable Diane Finley
“The McGuinty government is pleased to be working with our federal partners to increase the supply of affordable housing. This investment will stimulate our economy while improving access to safe, healthy and affordable housing. For many people, living on fixed or low incomes, these programs are their opportunity to get a place to call home.”
Honourable Jim Watson