Canadian Funding Corporation Reports: CMHC Social Housing Renovation and Retrofit Creates Jobs, Helps Communities
OTTAWA, May 24, 2009 — Social housing across Canada can now access funding for renovation and retrofit projects, the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), announced today.
“Social housing projects funded and administered by CMHC can now access the funding they need to move forward quickly on repairs and renovations needed to enhance aging housing stock across Canada. This funding benefits communities by renewing social housing, as well as improving the quality of life for the people who live there,” said Minister Finley. “These projects will also have tremendous spin-off benefits in terms of creating jobs and helping to stimulate our economy.”
As part of Canada’s Economic Action Plan, the Government announced $1 billion for social housing renovation and retrofit. Of this amount, CMHC will deliver $150 million targeted to federally administered social housing. The remaining $850 million is being delivered by the provinces and territories on a cost-shared 50/50 basis under the Affordable Housing Initiative to the existing social housing projects they administer.
Eligible repairs include general improvements, energy-efficiency upgrades or conversions and modifications in support of persons with disabilities.
“We congratulate Minister Finley and CMHC on launching the renovation and retrofit initiative announced in the 2009 federal budget,” said Nicholas Gazzard, Executive Director of the Co-operative Housing Federation of Canada. “This funding is welcome indeed. Besides providing much-needed economic stimulus, it will help to ensure that Canada’s housing co-operatives are preserved as a legacy for the long-term benefit of all Canadians.”
As Canada’s national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable, and affordable homes — homes that will continue to create vibrant and healthy communities and cities across the country.
More information on this and other measures in Canada’s Economic Action Plan, a plan to stimulate the economy and protect those hit hardest by the global recession, can be found at: http://www.budget.gc.ca/2009/home-accueil-eng.asp.