The Honourable Vic Toews, President of the Treasury Board and MP for Provencher, welcomed the recent announcement that social housing projects funded and administered by CMHC can now access the funding they need to move forward quickly on repairs and renovations.
“Our government has a multi-pronged approach to provide housing for Canadians while simultaneously stimulating the economy. This funding will benefit communities by renewing social housing, as well as improving the quality of life for the people who live there. These projects will also have tremendous spin-off benefits in terms of creating jobs and helping to stimulate our economy,” said Toews.
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. Funding will be allocated using a national application call largely on a first come first served basis.
The deadline to submit applications is June 26, 2009, however there will be an early bird application process that will close June 12, 2009.
“Our Conservative government is providing much-needed economic stimulus to help ensure that Canada’s housing co-operatives are preserved as a legacy for the long-term benefit of all Canadians,” said Toews.
The Conservative Government’s Economic Action Plan includes significant funding for the housing sector, including:
• Home Renovation Tax Credit – $3 billion
• $2 billion in low-cost loans to municipalities for housing-related infrastructure projects
• $7.8 billion in tax relief to help stimulate housing sector and improve housing across Canada
• Significant investments in affordable and social housing:
• $2 billion to build new and repair social housing
• $1 billion for repairs and upgrades
• $475 million for seniors and persons with disabilities
• $400 million on First Nation reserves
• $200 million in the North
For questions on applications or for more information, please visit CMHC’s website at: www.cmhc.ca/housingactionplan or by phone at 1-800-668-2642.
