Joint Government Funding Increases Affordable Housing in Edmonton

EDMONTON, ALBERTA--(Marketwire - Jan. 19, 2012) - Lower income Albertans, including seniors and persons with disabilities in search of affordable housing in Edmonton, will have more housing options thanks to a joint investment of almost $10 million at Chateau at Schonsee Square Seniors Complex by the Government of Canada and the Government of Alberta. The funding is part of the $238 million equal investment made over 2009 to 2011, under the amended Canada-Alberta Affordable Housing Program Agreement, which includes funding under Canada's Economic Action Plan.

The Chateau at Schonsee Square will consist of 103 affordable suites with 21 market rent suites for functionally independent seniors. The project will be Green Built with mixed use commercial space occupying the main floor, and part of a continuing care community with a supportive living facility on the same site.

"Our Government is proud to have contributed almost $4 million for the development of Chateau at Schonsee Square Seniors Complex. This investment, through Canada's Economic Action Plan, makes a real and lasting difference in our community, improving access to affordable rental housing and offering a better quality of life for our seniors and persons with disabilities." said Tim Uppal, Minister of State (Democratic Reform) and Member of Parliament for Edmonton-Sherwood Park, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC).

"The Alberta government is committed to helping seniors obtain housing that is affordable and meets their needs," said Doug Griffiths, Minister of Alberta Municipal Affairs. "Partnerships with government at the federal and municipal level are valuable because, together, we can provide flexible housing alternatives that assist seniors in Alberta."

"Lifestyle Options is very excited about the valued partnership and financial assistance from the governments of Canada and Alberta. This funding allows us to develop much needed affordable housing benefitting seniors and the community," said Jarret Sheath, Vice-President of Business Development, Lifestyle Options. "This is a new and exciting opportunity for the company and project team involved as it allows us to come together to design and deliver a unique and sustainable development that aligns with the vision of Canada's Economic Action Plan and the Affordable Housing Initiative."

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 Alberta, this represents some 39,100 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.

Through partnerships with federal and municipal governments, community groups, the non-profit and private sectors, Alberta has made great strides to increase the supply of affordable housing across the province. Since 2007, the Government of Alberta has supported the development of 12,000 affordable housing units for homeless and lower-income Albertans through capital grant funding in 62 communities. The province celebrated achieving and exceeding its goal of 11,000 units by 2012 in September. For more information on Alberta's housing support, visit www.housing.alberta.ca.

Lifestyle Options is an established provider of senior housing and care in Edmonton and surrounding communities. Their vision is to bring quality, affordable housing to senior citizens through innovative planning and design.

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-schl.gc.ca.