Posted by Moishe Alexander
The Governments of Canada and British Columbia, along with community partners, gathered today to celebrate the construction of a 58-unit housing development for seniors and persons with disabilities.
“Through Year 2 of Canada’s Economic Action Plan, our Government remains committed to giving a hand-up to those who need it most,” said the Honourable Stockwell Day, President of the Treasury Board and Minister for the Asia-Pacific Gateway, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC). “That’s why we’re investing in this Penticton project, which will deliver safe and affordable housing that meets the needs of seniors and persons with disabilities.”
“In addition to providing increased housing access to Penticton seniors and persons with disabilities, this project will also stimulate our local economy by creating approximately 116 direct and indirect jobs,” said Bill Barisoff, MLA for Penticton.
Through an amendment to the Canada – British Columbia Affordable Housing Initiative Agreement, the federal and provincial governments are contributing a combined total of $3,278,000 million for 22 of the 58 affordable Seniors’ Rental Housing (SRH) units. In addition, the City of Penticton will provide reductions on development cost charges to help reduce the overall capital cost.
“The Kiwanis Van Horne apartments will be an important addition to our City by offering seniors and persons with disabilities increased access to affordable rental housing,” said Mayor Dan Ashton on behalf of Penticton City Council.
Penticton Kiwanis Housing Society (PKHS) provided the land, valued at $1.1 million, as well as $1 million in cash equity. PKHS is a non-profit organization providing affordable housing options for seniors and is an independent relative to the Kiwanis Club of Penticton.
“Our society is committed to providing quality housing options for seniors in our community,” said Ernst Schneider, finance officer for PKHS. “The Kiwanis Van Horne apartments will offer Penticton seniors access to 58 affordable rental homes. We are thankful to our government partners for collaborating with us on this important housing project.”
The Seniors’ Rental Housing (SRH) initiative is a result of a $365-million joint investment under an amendment to the Canada – British Columbia Affordable Housing Agreement, which includes funding through Canada’s Economic Action Plan and by the Government of British Columbia. The SRH initiative will provide $123.5 million, including $104 million for seniors and $19.5 million for persons with disabilities, to develop up to 1,000 new affordable rental housing units, which will help to stimulate local economies in smaller communities across B.C. Under terms of the agreement, the provincial and federal governments will provide matching contributions of $61.79 million.
Canada’s Economic Action Plan builds on the Government of Canada’s commitment in 2008 of more than $1.9 billion, over five years, to improve and build new affordable housing and help the homeless. It provides a total of $475 million, over two years, to build new rental housing, including $400 million for housing for low-income seniors and $75 million for housing for persons with disabilities. Overall, the Economic Action Plan includes $2 billion for new and existing social housing, plus up to $2 billion in loans to municipalities for housing-related infrastructure.
The Province of British Columbia’s $14-billion capital infrastructure program is creating up to 88,000 jobs, helping to build vital public infrastructure in every region of the province and stimulating local economies across B.C.
Tags: Agreement, B.C, B.C. Under, Bill Barisoff, British Columbia, Canada, City, Development, Diane Finley, Economic, Ernst Schneider, Government, Kiwanis, Mayor Dan Ashton, Minister Responsible, Pacific, Penticton, Plan, Seniors, Van Horne
Posted in CMHC, Canada, affordable housing