Federal and territorial governments support new affordable homes in Whitehorse

Government of Canada logo (CNW Group/Government of Canada)

Yukon logo (CNW Group/Government of Canada)

WHITEHORSE, YT, Nov. 25, 2024 /CNW/ - Prospective homeowners in Whitehorse will have the opportunity to purchase permanently affordable homes thanks to Project 1096 in the Whistle Bend neighbourhood.

Today, the federal and territorial governments announced more than $3.5 million in funding for Project 1096 in the Whistle Bend neighbourhood. The announcement was made by Brendan Hanley, Member of Parliament for Yukon, on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities, alongside Ranj Pillai, Premier and Minister of Yukon Housing Corporation, Kirk Cameron, Mayor of the City of Whitehorse, and Tyler Heal, Treasurer, Northern Community Land Trust.

Project 1096, located at 84 Rampart Drive, will be a multi-family condominium development consisting of 32 one-, two- and three-bedroom homes. All units also include a yard or balcony and are to be built according to universal design principals.

This project offers an innovative approach to prospective homeowners in Whitehorse. They will be available for purchase only by eligible individuals and families who earn less than 80 per cent of median household income. Qualified buyers will be screened based on having total household assets and incomes below set levels, with a lottery system to select initial buyers of the 32 homes.

The homes are being built by the Northern Community Land Trust (NCLT) on lands donated by the Yukon Government. Under the NCLT model, each home in the development will be sold on average for more than 30 per cent below appraised market value. With final pricing based on total net development costs rather than market rates.

With permanent restrictions on resale prices, owners' homes can be resold for no more than the original purchase price plus increases based on inflation and other improvements. This ensures homes are resold to successive buyers at continuously affordable prices. The project is the first of its kind in the Yukon.

Construction is scheduled to be completed in late 2025.

Funding for this project includes:

• $2.4 million from the federal government through the Affordable Housing Innovation Fund and $183,000 through the Northern REACHE program
• $1 million through the Housing Initiatives Fund's fifth intake through the Yukon Housing Corporation and the land for the project. Additional repayable loan financing of up to $4 million is also available as needed through the Developer Build Loan Program
• $60,000 from the City of Whitehorse through a Development Incentive Grant

Quotes:

"Through this innovative housing solution, 32 families in Whitehorse will now have the opportunity to own their homes. As the first of its kind, this project focuses on selling to low- to medium-income families, providing new opportunities for affordable home ownership and equity building. This initiative exemplifies the forward-thinking strategies supported by the federal government under the National Housing Strategy." –  Brendan Hanley, Member of Parliament for Yukon, on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities

"After much anticipation, our government is pleased to announce this exciting new partnership with the Northern Community Land Trust Society. We are proud to support the team's vision for developing permanently affordable homes at a time when ownership is feeling more and more out of reach for hard-working families and individuals. This pricing model is an innovative way to ensure lasting affordability, address gaps in the housing continuum and increase homeownership opportunities in the Yukon." – Ranj Pillai, Premier and Minister of Yukon Housing Corporation

"Whitehorse is one of the fastest growing cities in Canada. The City of Whitehorse continues to take steps to increase housing options and support innovative housing solutions. Project 1096 is a brand-new model for our community that will help residents access affordable housing options that were previously unavailable. We are pleased to be supporting this project and thank the Northern Community Land Trust for their work to bring it to fruition."  – Kirk Cameron, Mayor, City of Whitehorse

"The Community Land Trust model is driven by the belief that homes should be for living, and not financial assets traded for profit. It allows us to build high-quality, thoughtfully designed homes at lower construction costs than typical for-profit developers; and creates lasting access to home ownership, stability and autonomy for households that cannot otherwise afford a home. We are grateful to the Government of Yukon, CMHC and the City of Whitehorse for their support of our first project. Planning has already started for our next permanently affordable housing development which we hope to be in another Yukon community, so stay tuned for what comes next." – Laird Herbert, Director, Northern Community Land Trust Society

Quick facts:

• The Affordable Housing Innovation Fund (AHIF) is part of Canada's National Housing Strategy (NHS). NHS is an $115+ billion plan to give more Canadians a place to call home. Progress on programs and initiatives are updated quarterly at www.placetocallhome.ca. The Housing Funding Initiatives Map shows affordable housing projects that have been developed.
• As of September 2024, the federal government has committed $57.57billion to support the creation of over 156,000 units and the repair of over 297,000 units. These measures prioritize those in greatest need, including seniors, Indigenous Peoples, people experiencing or at risk of homelessness, and women and children fleeing violence.   
• The AHIF supports innovative home builders to scale-up their ideas, to evolve the affordable housing sector and build the next generation of homes in Canada.
• Northern Community Land Trust Society is a non-profit organization established in November 2020 to create permanently affordable housing opportunities for low-to-moderate income Yukoners.
• Northern Community Land Trust Society was awarded a $1 million Housing Initiatives Fund contribution through the Yukon Housing Corporation and is eligible to access up to $4 million in repayable loan financing through Yukon Housing Corporation's Developer Build Loan Program.
• The project is located at 84 Rampart Avenue, Whistle Bend, and will incorporate community spaces such as a fire circle, community gardens and a picnic area. All homes are energy efficient and can be adapted for accessibility and mobility needs.
• Construction is underway, with completion expected in December 2025.
• The donation or sale of government land for a nominal fee to not-for-profit-led housing developments is a recognized best practice for cost-effectively supporting increased delivery of affordable stock.

Related links:

• Visit Canada.ca/housing for the most requested Government of Canada housing information.
• 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, follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.
• To find out more about the National Housing Strategy, please visit www.placetocallhome.ca.

SOURCE Government of Canada

For more information on this news release contact: Sofia Ouslis, Office of the Minister of Housing, Infrastructure and Communities, [email protected]; Media Relations, Canada Mortgage and Housing Corporation, [email protected]; Laura Seeley, Cabinet Communications, 867-332-7627, [email protected]; Kim Sheridan, Yukon Housing Corporation, 867-667-8818, [email protected]; Matthew Cameron, City of Whitehorse, 867-689-0515, [email protected]