Governments of Canada and Ontario Announce Funding for Housing

TORONTO, ONTARIO--(Marketwired - Aug. 11, 2014) - Together, the Governments of Canada and Ontario announced an additional combined investment of more than $801 million over five years, to help more individuals and families in housing need. The funding will be delivered through an extension to the Investment in Affordable Housing (IAH) agreement.

"Our Government remains committed to smart investments in housing to create better economic outcomes for the Canadian families who benefit from these programs," said the Honourable Candice Bergen, Minister of State for Social Development. "By partnering with the provinces and territories we want to ensure that this investment improves the quality of life of low-income Canadians, and creates needed jobs and opportunities for apprentices."

"The renewed partnership between Canada and Ontario will help improve access to safe, suitable affordable housing," said the Honourable Ted McMeekin, Ontario's Minister of Municipal Affairs and Housing. "Ontario remains committed to creating more access to housing that will support our most vulnerable residents and working with the Federal Government to accomplish that goal."

The federal portion of this funding comes from Economic Action Plan 2013, which announced the Government of Canada's commitment to investing more than $1.25 billion nationally over five years to extend the Investment in Affordable Housing and to creating opportunities for apprentices, which will support the training of skilled labour in residential housing. Governments will report annually to the public regarding the investments and progress toward achieving the intended outcomes of the IAH.

Under the IAH, the Ontario Government has the flexibility to design and deliver a range of affordable housing programs to address local housing needs and priorities. Ontario is supporting the building and renovation of affordable housing, as well as the provision of rental and homeownership assistance to low and moderate income households. A portion of funding will be dedicated to Aboriginal households living off-reserve. Other priority groups will include seniors, persons with disabilities and victims of domestic violence.

The announcement was made at 40 Oaks, an innovative affordable housing project of the Toronto Christian Resource Centre. 40 Oaks consists of 87 units of affordable, safe housing, and a 5,000 square foot community hub where people can gather, develop, and participate in activities geared to their needs. The project is supported by more than $6 million in funding through the Canada - Ontario Affordable Housing Program.

On November 8, 2011, the Governments of Canada and Ontario announced an IAH agreement with a combined investment of $481 million for the 2011-2014 period. This new agreement extends the original agreement for the 2014-2019 period with an additional combined investment of more than $801 million. From April 2011 to March 2014, the IAH has already helped more than 183,600 households nationally, and close to 17,800 in Ontario.

The province continues to build new affordable housing and repair existing units for Ontarians with housing needs. Since 2003, Ontario's funding commitment of more than $4 billion - which includes the extension to the IAH - is the largest affordable housing investment in the province's history. Ontario is supporting the creation of more than 20,000 affordable rental housing units; making more than 275,000 repairs and improvements to social and affordable housing units; and, providing rental and down payment assistance to more than 90,000 households in need. The province's Long-Term Affordable Housing Strategy sets a strong foundation for a more efficient, accessible affordable housing system in Ontario.

Affordable housing is a key component of Ontario's Poverty Reduction Strategy. To find out more about affordable housing in Ontario, visit www.ontario.ca/housing.

To find out more about how the Government of Canada, through CMHC, is working to build stronger homes and communities for all Canadians, call CMHC at 1-800-668-2642 or visit www.cmhc.ca/affordablehousing. For more information on Canada's Economic Action Plan, call 1-800-O Canada or visit www.actionplan.gc.ca.

Backgrounder: For information on the Investment in Affordable Housing, click here.

Follow CMHC on Twitter @CMHC_ca