GOVERNMENT OF CANADA INVESTS $9.05 MILLION TO RENOVATE 50 HOMES IN YELLOWKNIFE

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YELLOWKNIFE, NT, Jan. 17, 2022 /CNW/ – Everyone in Canada deserves a safe and affordable home. Affordable housing is essential for from Canada pandemic recovery, and the government of Canada created a national strategy to build and renovate hundreds of thousands of units and provide affordable housing to people across the country.

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

Today, the Honorable Ahmed Hussen, Minister of Housing and Diversity and Inclusion and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), along with Michael McLeod, deputy of Northwest Territories, the Honorable Paulie Chinna, Minister responsible for the Northwest Territories Housing Corporation, and keith deans, president of Borealis Cooperative, announced details of a $9.05 million in investments to renovate a set of 50 townhouses in Yellowknife through the National Housing Co-Investment Fund (FNLC).

The project, located at 2000 Finlayson Drive, will renovate the buildings of the Borealis housing cooperative. Founded in 1983, the Cooperative has operated for more than 35 years, providing significantly below-market housing to residents of Yellowknife.

This investment through the NHCF is in addition to $60 million in funding earmarked for the North by the Government of Canada address housing needs and challenges Northwest Territories, announced in March 2021. This critical funding is currently being deployed to offset high construction costs caused by the unique construction challenges found in the North and is targeted towards initiatives that serve those most at risk, including women and their children, people with disabilities and the elderly.

Through the NHCF, the Government of Canada works with partners to build up to 60,000 new affordable homes and repair up to 240,000 existing affordable and community homes. This program is part of the National Housing Strategy and will ensure that housing is within reach for all Canadians, no matter where they live.

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“Every Canadian deserves a safe and affordable place to call home. Our government is committed to helping those who need it most, and this project will make a real difference in the lives of people in Yellowknife. We will continue to do our part to create even more affordable housing that will benefit all Canadians for decades to come. » The Honorable Ahmed Hussen, Minister of Housing and Diversity and Inclusion and Minister Responsible for CMHC

“The revitalization of these 50 houses of the Boréalis Housing Cooperative is another example of what can be achieved when we work together. Through this collaboration, we are helping to ensure that all people living in Yellowknife have safe and affordable housing that allows them to thrive. » Michael McLeod, deputy of Northwest Territories

The Boréalis Housing Cooperative offers substantial affordable housing in Yellowknife, and I’m glad these homes are being revitalized. Today’s announcement demonstrates what we can accomplish when we work in partnership. I am confident that with the support and partnership of the federal government, Aboriginal governments and organizations, community governments and other stakeholders, we can help make housing in many NWT communities more affordable and accessible for NWT residents. I look forward to continuing my partnership with the Government of Canada to support the residents of Northwest Territories.” – The Honorable Paulie Chinna, Minister responsible for the Northwest Territories Housing Corporation

“The members of the Boréalis Housing Cooperative are very grateful to have received a loan repayable up to $9.05 million CMHC’s National Housing Co-Investment Fund. These funds will help the co-op fund needed updates to our homes, significantly improve energy efficiency, and ensure that our members and community will continue to have safe, affordable homes in the future. We thank CMHC for working with us to arrange this funding, and the Northwest Territories Housing Cooperation for their contribution and support. » keith deans, President of Borealis Cooperative

Fast facts:

  • With a budget of $13.2 billion, the National Housing Co-Investment Fund (FNLC) of the National Housing Strategy prioritizes projects that help those most in need, including women and children fleeing domestic violence, the elderly, Indigenous people, people with disabilities, people with mental health and addictions issues, veterans and young adults.

  • Under the FNLC, investments are also planned to create or repair at least 4,000 places in shelters for victims of domestic violence, as well as to create at least 7,000 new affordable housing units for seniors and 2,400 new housing units. affordable for people with intellectual disabilities.

  • To help Canadians find affordable housing, Budget 2021 provides a $2.5 billion over seven years of new funding and to reallocate $1.3 billion in previously announced funding to accelerate the construction, repair and support of more than 35,000 additional housing units.

  • In the 2021 budget, $750 million existing funding under the NHCF has been advanced to 2021-22 and 2022-23. This will speed up the creation of 3,400 new units and the repair of 13,700 units. $250 million existing funds will also be allocated to support the construction, repair and operating costs of approximately 560 transitional housing units and shelters for women and children fleeing violence. This funding will help the government fight gender-based violence.

  • from Canada The National Housing Strategy (NHS) is a, $72+ billion plan that will give more Canadians a place to call home.

Related links:

  • Like from Canada As the authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support to Canadians in need, and offers impartial housing research and advice to all levels of Canadian government, consumers and the housing industry. CMHC’s goal is that by 2030, everyone Canada has an affordable home that meets their needs. For more information, visit cmhc.ca or follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.

  • To learn more about the National Housing Strategy, please visit www.placetocallhome.ca.

SOURCE Canada Mortgage and Housing Corporation

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