CANADA AND ONTARIO SUPPORT CONSTRUCTION AND REPAIR OF AFFORDABLE HOMES IN PETERBOROUGH

(CNW Group/Canada Mortgage and Housing Corporation (CMHC))

(CNW Group/Canada Mortgage and Housing Corporation (CMHC))

PETERBOROUGH, ON, Oct. 11, 2023 /CNW/ - The Government of Canada, the Government of Ontario and the City of Peterborough announced funding to build and repair affordable homes in Peterborough.

The federal government is providing more than $42 million through the National Housing Co-Investment Fund (NHCF) and the Rapid Housing Initiative (RHI) to support over 1,000 homes.

Additionally, the federal and the provincial governments are jointly investing over $1.8 million through the Ontario Priorities Housing Initiative (OPHI), and over $2.4 million through the Canada – Ontario Community Housing Initiative (COCHI); an initiative of the Canada-Ontario Bilateral Agreement under the National Housing Strategy. The city of Peterborough is also providing over $5 million.

The announcement took place at 681 Monaghan Road, where the City of Peterborough is building a new 6 storey building that will include 53 units: 37 one-bedroom, 11 two-bedroom and 5 three-bedroom units with amenity space and utilities on the ground floor.  This project received $18.9 million in federal funding through the third round of the Rapid Housing Initiative (RHI3), $40,000 in SEED funding, $854,810 through the Ontario Priorities Housing Initiative (OPHI) and over $4 million from the City of Peterborough. The project, which is expected to be completed by Summer 2024, will be home to vulnerable populations in Peterborough, including Black Canadians, people with disabilities, Indigenous Peoples, homeless people or those at risk of homelessness.

The second portfolio of projects, located at various locations in Peterborough, is owned and operated by the Peterborough Housing Corporation and will include the repair of 945 homes, all affordable, with more than 30% of the units allocated to women and children. Additionally, at least 20% of units within the portfolio will be accessible and the repairs will achieve a minimum reduction of 25% in energy consumption and greenhouse gas emissions. The Government of Canada is contributing nearly $3.5 million through the National Housing Co-Investment Fund (NHCF), a key pillar of the National Housing Strategy, and the Peterborough Housing Corporation and the City of Peterborough are providing over $8 million to the project. Repairs of the units are expected to be completed by December 2025.

The third project is a six-storey building located at 555 Bonaccord Street, known as Hunt Terraces, which has 85 units in total, including one- and two-bedroom units for people experiencing homelessness. The project received $19.8 million through the National Housing Co-Investment Fund (NHCF) and $50,000 in SEED funding. The project, which opened its door to residents in April 2023, also received $1.4 million from the City of Peterborough, over $2.4 million through the Canada – Ontario Community Housing Initiative (COCHI), over $1 million through the Ontario Priorities Housing Initiative (OPHI), $3.2 million from the Peterborough Housing Corporation, and over $1 million in municipal investments. The Ontario government is providing an additional $177,958 through the Homelessness Prevention Program (HPP).

Quotes: 

"Through the National Housing Strategy's diverse programs, our government is investing in affordable housing here in Peterborough and across the country. These projects will help many vulnerable communities to access the affordable housing they deserve and will help improve the quality of life for those who need it most. This is one of the many ways our government's National Housing Strategy is ensuring that no one is left behind." – The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities

"With this announcement, we are supporting the needs of Indigenous Peoples, seniors, people with disabilities, Black Canadians, women and their children and other vulnerable communities across Peterborough. This funding will make it possible for thousands of families and individuals to access new homes, taking a crucial step towards addressing the need for affordable housing in these communities." –  Peter Fragiskatos, Parliamentary Secretary to the Minister of Housing, Infrastructure and Communities and Member of Parliament for London North Centre

"The Ontario government is taking action to ensure Peterborough's housing needs are met, with historic levels of funding in housing and homelessness prevention that recognizes the city's unique needs. Supportive and affordable housing ensure our most vulnerable have access to housing that meets their needs, a critical component of our commitment to build at least 1.5 million new homes by 2031." – The Honourable Paul Calandra, Ontario's Minister of Municipal Affairs and Housing

"Our government made a commitment to the people of Ontario to get the full spectrum of housing built and that includes accessible and affordable housing.  Today's announcement ensures that people in our community have access to affordable housing that provides a safe and supportive environment." –  Dave Smith, Member of Provincial Parliament for Peterborough–Kawartha

"The City of Peterborough has a housing crisis. We have a vacancy rate of 1.1%, lowest in Ontario today, and our average rent ranks 10th highest in Canada. This announcement is a significant first step in addressing the housing pressures our residents are facing. I want to thank the Government of Canada and the Government of Ontario for their support, and our local MP Michelle Ferreri and MPP Dave Smith for their tremendous advocacy for this project. By working together, we will keep building a better tomorrow." – Jeff Leal, Mayor of Peterborough

"The funding announcement by CMHC and the Government of Ontario will allow the City of Peterborough and our housing provider Peterborough Housing Corporation to move forward on meeting and supplying much needed housing." – Keith Riel, Ward 4 Councillor, City of Peterborough

Quick facts: 

• Today's announcement was made by Peter Fragiskatos, Parliamentary Secretary to the Minister of Housing, Infrastructure and Communities and Member of Parliament for London North Centre, on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities was joined by Dave Smith, Member of Provincial Parliament for Peterborough–Kawartha on behalf of the Honourable Paul Calandra, Minister of Municipal Affairs and Housing for Ontario, Jeff Leal, Mayor of Peterborough, and Keith Riel, Ward 4 Councillor for Peterborough.
  
  
• The Government of Canada's National Housing Strategy (NHS) is an ambitious, 10-year plan that will invest over $82+ billion to give more Canadians a place to call home.
  
  
• The National Housing Co-Investment Fund (NHCF) is a program under the National Housing Strategy (NHS) that gives priority to projects that help people who need it most, including women and children fleeing family violence, seniors, Indigenous peoples, people living with disabilities, those with mental health or addiction issues, veterans, and young adults.
  
  
• The 681 Monaghan Road project investment was made possible by the Government of Canada's additional investment of $1.5 billion through RHI, bringing the program's total to $4 billion to support the country's most vulnerable. The additional funding for the third round of RHI will be divided into two streams: $1 billion through the Projects Stream and $500 million towards the Cities Stream.
  
  
• Launched in 2020, the Rapid Housing Initiative (RHI) is delivered by the Canada Mortgage and Housing Corporation (CMHC), under the NHS.
  
  
• The Government of Canada's additional investment of $1.5 billion through Rapid Housing Initiative brought the program's total to $4 billion to support the housing needs of the country's most vulnerable.
  
  
• The third round of the Rapid Housing Initiative once again exceeded its initial target of creating at least 4,500 new affordable housing units for Canadians in severe housing need. It is expected that over 5,200 new units will be built across Canada.
  
  
• The total number of units created with the support of Rapid Housing Initiative is expected to be over 15,500 units.
  
  
• The Canada-Ontario Community Housing Initiative (COCHI) provides funding to repair, regenerate and expand community housing so tenants can live in a home that is affordable. It can also be used to support community housing providers whose original program arrangements are expiring and help them to become more sustainable.
  
  
• The Ontario Priorities Housing Initiative (OPHI) is a program under the CMHC-Ontario Bilateral Agreement. This 10-year agreement provides more than $5.75 billion to protect, renew and expand community housing; support Ontario's priorities related to housing repair, construction, and affordability; and deliver direct affordability support to Ontarians who need housing. OPHI provides flexible funding to address local housing priorities and improve access to affordable housing options. The initiative helps to increase the affordable housing supply and improve the state of repair of community housing stock.
  
  
• The Homelessness Prevention Program (HPP) is a provincially-funded program that supports Ontario's 47 municipal Service Managers to provide affordable housing and support services for people at risk of or experiencing homelessness. It is intended to be streamlined and flexible so that Service Managers can target funding where community need is greatest and can make the most impact.
  
  
• The Canada Ontario Housing Benefit (COHB) is part of the National Housing Strategy. The program is jointly funded through the CMHC-Ontario Bilateral Agreement and is provincially delivered. Ontario is investing an additional $42.0 million in 2023-24 through COHB program to support impacted municipalities across the province in providing immediate housing support. This additional COHB funding will help move more people into long-term housing, while freeing up existing shelter spaces in communities most impacted.

Related links: 

• Visit canada.ca/housing for the most requested Government of Canada housing information.
• To find out more, visit RHI3 and eligibility criteria.
• As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry. CMHC's aim is that everyone in Canada has a home they can afford and that meets their needs. For more information, please visit cmhc.ca or follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.
• To find out more about the National Housing Strategy, visit: www.placetocallhome.ca
• Check out the National Housing Strategy Housing Funding Initiatives Map to see affordable housing projects that have been developed across Canada.
• Ontario's most recent housing supply action plan – Helping Homebuyers, Protecting Tenants – is the latest in a series of steps taken by the province to help more people find a home they can afford.
• Ontario is committed to addressing the housing crisis and has set an ambitious goal of building at least 1.5 new homes by 2031 and is committing to advancing its housing supply action plan, every year for four years, to help address new challenges, meet unique needs, and adapt to the current environment and future outlook.
• For more information on affordable housing in Ontario, visit ontario.ca/affordablehousing or follow us on Twitter.

SOURCE Canada Mortgage and Housing Corporation (CMHC)

Information on this news release : Kevin Collins, Office of the Minister of Housing, Infrastructure and Communities, [email protected]; Media Relations, Canada Mortgage and Housing Corporation, [email protected]; Vonny Sweetland, Associate Minister's Office, [email protected]; Alexandru Cioban, Office of the Minister of Municipal Affairs and Housing, [email protected]; MMAH Communications Branch, [email protected], [email protected]