Moishe Alexander and Canadian Funding Corporation Review CMHC Reports

Posted by Moishe Alexander
There is more affordable housing for seniors in Saskatoon, thanks to a $2.8 million federal, provincial and municipal funding partnership. Bethany Manor, a 56-unit affordable rental housing complex for low to moderate-income seniors, was officially opened today.

“The Government of Canada is helping make affordable housing available in Saskatchewan and across Canada for those who need it most,” said Maurice Vellacott, Member of Parliament for Saskatoon – Wanuskewin, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development Canada and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC). “Through this investment we are stimulating the local economy and creating jobs. We are also making an important difference in the lives of individuals and families in Saskatoon who are working towards building a stronger and better future for themselves.”

“As our population ages, there is a growing need for quality, affordable housing that will allow seniors to continue to live in their communities with dignity and independence,” said MLA Joceline Schriemer, MLA for Saskatoon – Sutherland, on behalf of the Honourable Donna Harpauer, Minister of Social Services and Minister Responsible for Saskatchewan Housing Corporation. “Projects such as Bethany Manor help meet that need, as well as contribute to healthy communities and healthy neighbourhoods.”

“Bethany Manor means so much to the seniors in Saskatoon,” said Mayor Donald Atchison. “It provides affordable housing to a very important target population as identified in the Saskatoon Community Plan on Homelessness and Housing. We are all partners in keeping our seniors safe, secure, and active in our community.”

Located at 210 Pinehouse Drive in the Lawson Heights area of Saskatoon, Bethany Manor consists of 56 one- and two-bedroom life-lease and affordable rental housing units for low and moderate-income seniors in a supportive setting. The project was undertaken by Saskatoon Mennonite Care Services Inc., a community-based non-profit corporation established in Saskatoon in 1981.

The building’s innovative geothermal heating and cooling system, worth approximately $1.1 million is expected to save approximately $100,000 a year in utility and operational costs. The environmental impact in terms of greenhouse gas will mean a reduction of almost 3 million kilograms of carbon dioxide annually.

The total cost of the project is approximately $7.7 million. Of that amount, $2.8 million in funding was provided to assist in the construction by the federal, provincial and municipal governments: $1.4 million from Canada Mortgage and Housing Corporation; $1.1 million from Saskatchewan Housing Corporation, and $280,000 from the City of Saskatoon. The funding balance consists of land, equity, in-kind contributions, equity from occupants and mortgage financing.

In 2008, the Government of Canada committed more than $1.9 billion over five years to improve and build new affordable housing and to help the homeless. Canada’s Economic Action Plan builds on this with an additional one-time investment of more than $2 billion over two years in new and existing social housing, plus up to $2 billion in loans to municipalities for housing-related infrastructure.

Tags: activity, Affordability, Affordable, availability, Building, Canada, City, CMHC, community, CONSTRUCTION, Corporation, Development, economy, Federal, Government, House, Investment, project, reduction, Saskatchewan
Posted in CMHC, Canada, moishe alexander