Major Social Housing Renovations in St. John's

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwire - Feb. 20, 2012) - The Governments of Canada and Newfoundland and Labrador today announced a cost- shared investment of more than $2 million under Canada's Economic Action Plan for the ongoing renovation of 52 affordable social housing units in St. John's.

"The next phase of our Government's Economic Action Plan is stimulating the economy and creating jobs during the global recession here and across Canada," said the Honourable Peter Penashue, Minister of Intergovernmental Affairs, Regional Minister for Newfoundland and Labrador and MP for Labrador, NL "Renovation projects like these are a good way to get the local economy moving and put construction workers and trades people to work quickly. Most importantly, they are helping those who need it most, by improving the quality of social housing."

"These upgrades will continue to provide safe and affordable homes for families and individuals with low incomes," said the Honourable Tom Hedderson, Minister Responsible for Newfoundland and Labrador Housing Corporation. "Over the past two years we have carried out unprecedented renovations and improvement work on our housing portfolio throughout the Province."

Work on the units, located in six social housing buildings on Nascopie Crescent, Eagle Court and Algerine Place, includes window, door, siding, and landing replacements, as well as basement insulation. The work is being carried out by Newfoundland and Labrador Housing Corporation staff.

Funding of more than $2 million for the joint initiative was made possible through Canada's Economic Action Plan, the federal government's plan to stimulate the economy and create jobs during the global recession. The federal and provincial governments are contributing equally to an overall investment of $58 million under the amended 2009 Canada-Newfoundland and Labrador Affordable Housing Program Agreement.

A Social Housing Plan for Newfoundland and Labrador - Secure Foundations, released by the provincial government in August 2009, outlines a long-term vision for social housing. It is aimed at improving the housing circumstances of people with low-incomes and helping create healthier communities. Budget 2011 Standing Strong: For Prosperity. For Our Future. For Newfoundland and Labrador also allocated $25.9 million for social housing infrastructure, including $10.4 million for maintenance and $12 million for renovations and improvements.

The Government of Canada, through CMHC, will invest more than $2 billion in housing this year. Of this amount, $1.7 billion will be spent in support of almost 615,000 households living in existing social housing. In Newfoundland and Labrador, this represents some 12,500 households. These investments are improving the quality of life for low-income Canadians and households living in existing social housing, including individuals who are homeless or at-risk of homelessness, seniors, persons with disabilities, recent immigrants and Aboriginal people.

To find out more about how the Government of Canada and Canada Mortgage and Housing Corporation are working to build stronger homes and communities for all Canadians, call CMHC at 1-800-668-2642 or visit www.cmhc.ca.