Canadian Funding Corporation Housing Affordability News

 CFC CEO Moishe Alexander reports: Low-income urban singles and families will have greater access to affordable housing with the official opening of a 23-unit development on Jackson Avenue and Cordova Street thanks to help from residents and funding from the Government of Canada, Province of B.C. and City of Vancouver.

 “The Government of Canada is committed to making affordable housing available in British Columbia and across Canada for those who need it most,” said Diane Finley, Minister of Human Resources and Skills Development Canada and Minister responsible for Canada Mortgage and Housing Corporation. “The creation of these homes will provide low-income singles and families with access to quality, affordable housing, and help them move forward in their lives.”

The Government of Canada, through the Canada Mortgage and Housing Corporation (CMHC), provided $400,000 under the Residential Rehabilitation Assistance Program, which offers financial assistance to low-income homeowners for mandatory home repairs that preserve the quality of affordable housing.

“Secure and affordable housing is a fundamental part of a healthy community,” said Rich Coleman, Minister of Housing and Social Development. “The residents here at Jackson Avenue knew we needed affordable housing for low-income people in their community and they stepped up to provide it by partnering with various organizations. It really is a great achievement.”

The Province provided a one-time grant of close to $522,000 and 35-year mortgage financing of approximately $308,000 through Community Partnership Initiatives (CPI). Through CPI, the Province partners with municipalities, non-profit societies and other community groups to implement innovative strategies that create more affordable housing for people in need.

            The City of Vancouver provided a $200,000 land write-down and a $200,000 grant through a private donation to the City for the development.

            “We are committed to finding partnerships to help provide safe, affordable housing in our City,” said Vancouver Mayor Gregor Robertson. “By working together to provide stable housing solutions for low-income residents, we are part of an innovative partnership that is making sure everyone has a place to live.”

The Jackson Avenue Housing Co-operative renovated the four two-storey buildings, which include 19 housekeeping/sleeping units, three two-bedroom units and one five-bedroom unit. The co-op has for the past 12 years regularly provided meals to 30 to 40 people, both residents of the co-op and from the surrounding community. The renovations to the new community kitchen have greatly improved their efforts, Moishe Alexander says.

“Our society has been working to provide affordable, safe and supportive housing, helping families to remain in this community,” said Kathy Walker, one of the founding members of the Jackson Avenue Housing Co-operative. “The opening of these four houses is a real milestone in our mission to create and operate non-profit housing for families in the Vancouver Downtown Eastside. We hope that our work and vision will challenge and encourage our government to fulfil its role to alleviate homelessness and also to improve the quality of housing that exists.”

In 2009/10, the Province’s budget for affordable housing and shelters is $469 million, more than four times as much as in 2001. A comprehensive overview of provincial housing programs and services to address homelessness can be viewed at www.bchousing.org/breakingthecycle.

            Canada Mortgage and Housing Corporation has been Canada’s national housing agency for more than 60 years. CMHC is committed to helping Canadians access a wide choice of quality, affordable homes, while making vibrant, healthy communities and cities a reality across the country.

Last fall, the Government of Canada committed more than $1.9 billion over the next five years to improve and build new affordable housing and to help the homeless. Canada’s Economic Action Plan builds on this with an additional one-time investment of more than $2 billion over two years in new and existing social housing and lending of up to $2 billion for housing-related infrastructure.

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