Government of Canada Invests in Co-operative Housing in Toronto

Logo: Government of Canada (CNW Group/Canada Mortgage and Housing Corporation)

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

TORONTO, Aug. 29, 2019 /CNW/ - Every Canadian deserves a safe and affordable place to call home. That is why, in May 2018, the Government launched the National Housing Co-Investment Fund (NHCF), the largest program of its kind in Canadian history.

Adam Vaughan, Parliamentary Secretary to the Minister of Families, Children and Social Development, on behalf of the Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC), announced a $2.2 million financial commitment from the federal government for the retrofit of the Harmony ''B'' Housing Co-operation Corp.

Thanks to this commitment by the NHCF, a pillar initiative of the National Housing Strategy (NHS), this project will provide urgent repairs to the 78-unit building.

Founded in 1979, Harmony ''B'' Housing Co-operation Corp. is a rental cooperative in the heart of Toronto providing affordable rental housing. They completed the construction of their rental apartments and rental townhouses in 1981 on land leased from the City of Toronto for 99 years. They have been successfully managing the property since that time.

Quotes

"Our Government continues to invest in affordable housing here in Toronto, and across Canada to improve the quality of life of those who need it most. With this funding, we are able to give a helping hand to individuals in need, and in doing so, we are contributing to the economic and social well-being of the entire community." – Adam Vaughan, Parliamentary Secretary to the Minister of Families, Children and Social Development

"Today marks a key historical date in our co-op's history as we are pleased to receive $2.2 mil. in financial commitment from the federal government under the National Housing Co-Investment Fund program. Access to this funding will allow us to complete urgent repairs." – Vit Hrdlicka, Treasurer of Harmony "B" Housing Co-operative

Quick Facts

• The Government of Canada is currently rolling out its National Housing Strategy (NHS), an ambitious 10-year, $55 billion plan that will create 125,000 new housing units and lift 530,000 families out of housing need, as well as repair and renew more than 300,000 housing units and reduce chronic homelessness by 50 percent.
• With a budget of $13.2 billion, NHCF gives priority to projects that help those in greatest need, including women and children fleeing family violence, seniors, Indigenous Peoples, people with disabilities, those dealing with mental health and addictions, Veterans and young adults.
• Through the NHCF, the Government of Canada will work with partners to build up to 60,000 new affordable homes and repair up to 240,000 existing affordable and community homes over the next 10 years.
• Investments are also planned in the NHCF to create or repair at least 4,000 shelter spaces for victims of family violence and create at least 7,000 new affordable housing units for seniors and 2,400 new affordable housing units for people with developmental disabilities.
• Under the Investing in Canada plan, the Government of Canada is investing more than $180 billion over 12 years in public transit projects, green infrastructure, social infrastructure, trade and transportation routes, and Canada's rural and northern communities.

Associated Links

• 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. For more information, visit our website or follow us on Twitter, YouTube, LinkedIn, Instagram and Facebook.
• To find out more about the National Housing Strategy, visit www.placetocallhome.ca.

SOURCE Canada Mortgage and Housing Corporation

Valérie Glazer, Press secretary, Office of the Minister of Families, Children and Social Development, 613-220-1841, [email protected]; Spencer Magee, Public Affairs, Canada Mortgage and Housing Corporation, (647)-244-0040, [email protected]

Related Links

www.cmhc-schl.gc.ca