STRATFORD, PRINCE EDWARD ISLAND--(Marketwire - Feb. 14, 2011) - The Government of Canada announced today that 12 housing co-operatives and non-profit organizations located in Prince Edward Island will receive more than $625,000 through Canada's Economic Action Plan, as part of the social housing renovation and retrofit investments.

The announcement was made by the Honourable Gail Shea, Minister of Fisheries and Oceans, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC).

"Through Canada's Economic Action Plan, our Government is taking concrete action to help ensure economic recovery and create the conditions for long-term growth," said Minister Shea. "Funding the renovation of projects like these will not only improve the overall housing conditions in Prince Edward Island, but also help stimulate the local economy and create jobs".

The Government of Canada, through Canada's Economic Action Plan, announced $1 billion for social housing renovation and retrofit. Of the $1 billion, $850 million is being delivered by provinces and territories on a cost-matched basis for existing federally assisted social housing projects which they administer on behalf of the partnership. The remaining $150 million is being delivered by CMHC for existing federally assisted off-reserve housing which it directly administers. Eligible repairs include general improvements, energy efficiency upgrades or conversions, and modifications in support of persons with disabilities.

The housing co-operatives that will receive contributions from the Government of Canada are outlined in the attached backgrounder.

"Without this initiative, co-ops would not be as able to make many of the repairs they need," said CHF Canada Executive Director Nicholas Gazzard. "Today's government funding initiatives for affordable housing will help to consolidate co-ops' success in delivering affordable, mixed-income housing programs at a reasonable cost."

More information on this and other measures in Canada's Economic Action Plan, the federal government's plan to stimulate the economy and protect those hit hardest by the global recession, can be found at: ww.actionplan.gc.ca.

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

BACKGROUNDER

The housing co-operatives and non-profit organizations that will receive contributions from the Government of Canada being announced today are:

Project Name	Location	Total funding amount
St. Patricks Non Profit Housing	Fort Augustus	$6,275
Stratford Community Seniors Complex	Stratford	$28,549
S.A.S. House INC	Charlottetown	$31,571
PEI Family Violence Prevention Services	Charlottetown	$7,407
Gateway Housing Cooperative	Charlottetown	$169,226
Pownal Square Cooperative Ltd.	Charlottetown	$25,079
Renate Place Co-op	Charlottetown	$38,784
East Royalty Lions Seniors	Charlottetown	$9,596
East Royalty Lions Seniors Non Profit	Charlottetown	$72,233
Kay Reynolds Centre Ltd	Charlottetown	$29,813
Beach Grove Home for Special Care	Charlottetown	$100,677
Home Base Inc. Fitzroy Centre	Charlottetown	$106,809

RENOVATION AND RETROFIT OF EXISTING SOCIAL HOUSING ADMINISTERED BY CMHC

The Government of Canada's commitment to affordable housing is significant.

Overall, Canada's Economic Action Plan provides a total of $7.8 billion to build quality housing, stimulate construction, create jobs, encourage home ownership and enhance the energy efficiency of Canadian homes. Canada Mortgage and Housing Corporation (CMHC) will deliver more than $2 billion to provide new and renovated housing for more than 200,000 Canadian households.

Co-operative and non-profit housing represents an important form of housing for many low and moderate-income households. A portion of the existing units are aging and require repairs and upgrading to meet modern energy efficiency and accessibility standards.

As part of Canada's Economic Action Plan, the federal government will invest $1 billion to renovate and retrofit existing social housing. Of this amount, $850 millions will be used for existing social housing projects administered by provinces and territories, which are in receipt of annual Federal funding. Provinces and territories are required to cost-share this funding on a 50-50 basis and are responsible for program design and delivery.

The remainder of the $1 billion, $150 million will be delivered over two years to address the needs of existing social housing units directly funded and administered by CMHC. This $150 million is targeted, under the Renovation and Retrofit of Existing Social Housing Initiative (the "Renovation and Retrofit Initiative"), to off-reserve federally funded and administered social housing units currently subject to an operating agreement under a National Housing Act social housing program. The following criteria apply to the $150 million being delivered by CMHC:

• This initiative will help address the demand for renovation, general improvement, energy efficiency upgrade or conversion, regeneration and modifications for persons with disabilities;

• Applicants must have the capacity to undertake work quickly and must meet all other program eligibility criteria; and 

• Priority will be given to sponsors who have managed their projects well and who do not have sufficient funds in their replacement reserve to carry out repairs.

Eligible repairs include, but are not limited to repairs to existing building components, replacement or construction of worn out major building components, major building services, basic facilities and equipment.