The Honourable Consiglio Di Nino, Senator for Ontario, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), and Dr. Helena Jaczek, Member of Provincial Parliament for Oak Ridges – Markham, on behalf of Jim Bradley, Ontario’s Minister of Municipal Affairs and Housing, Bill Fisch, York Region Chairman and CEO, along with Margaret Black, Mayor, Township of King, made the announcement.

“Through the second year of Canada’s Economic Action Plan, the Government of Canada remains committed to helping seniors in Ontario and throughout the country during these tough economic times,” said Senator Di Nino. “Projects like this one are providing safe, affordable housing to many residents in this community while creating jobs and stimulating our economy.”

“The McGuinty government is committed to meeting the housing needs of the people in our communities that need it the most,” said MPP Dr. Helena Jaczek. “This 39 unit expansion will improve the lives of the seniors living in Kingview Court, it will generate new jobs and it will also support local businesses in King City.”

“Through the expansion of Kingview Court, York Region will continue to fulfil the goal of providing housing services that benefit our residents,” said York Region Chairman and CEO Bill Fisch. “The upgrades to the building will meet Leadership in Energy and Environmental Design (LEED) standards, maintaining York Region’s plan to build caring and safe communities for our residents and growing for a sustainable future.”

“By building on existing resources at Kingview Court in the Township of King, more residents will be able to live in and enjoy their community longer,” said Township of King Mayor Margaret Black. “This exciting development not only will create greater access to affordable housing, it will provide an opportunity to improve current units through renovations, upgrades and the installation of an elevator for increased accessibility.”

The 39 unit expansion project at 90 Dew Street received $4.7 million in funding. The federal and provincial funding is complemented by $2.9 million in municipal financial incentives.

The Government of Canada wants to ensure that Canadians on fixed incomes can live with independence and dignity and remain in their communities, close to family and friends. Canada’s Economic Action Plan provides $400 million, over two years, to build new rental housing for low-income seniors. Overall, the Economic Action Plan includes $2 billion for new and existing social housing, plus up to $2 billion in loans to municipalities for housing-related infrastructure. Canada’s Economic Action Plan builds on the Government of Canada’s commitment in 2008 of more than $1.9 billion, over five years, to improve and build new affordable housing and help the homeless.

In 2009, Ontario allocated a combined federal and provincial investment of $704 million for the renovation of social housing, and $540 million for the creation of new affordable housing. This investment is part of the Open Ontario plan, and will generate an estimated 23,000 jobs over the course of the program, while strengthening local economies across the province. To date, Ontario has approved more than $465 million for construction-ready projects, which will provide affordable housing for low-income families, senior citizens, and persons with disabilities, and $351.9 million for repairs benefiting some 148,000 social housing units. To find out more about affordable housing in Ontario, visit www.ontario.ca/housing.

Joe Preston, Member of Parliament for Elgin – Middlesex – London, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), and Steve Peters, Member of Provincial Parliament for Elgin – Middlesex – London, along with Acting Mayor Tom Johnston, on behalf of St. Thomas Mayor Cliff Barwick made the announcement.

“Locally, this achievement gives a hand-up to individuals and families who need safe, affordable housing that meets their needs,” said MP Preston. “Our government is investing in this project to get the economy moving, creating immediate jobs and economic stimulus for the community.”

“These new homes are changing the lives of dozen families in St. Thomas,” said MPP Peters. “By building more affordable rental units, we are ensuring people in need have a safe place to call their own.”

“There continues to be a great demand for affordable housing in our community. With the co-operation of the Federal and Provincial governments we can see these needs being met,” said Mayor Cliff Barwick. “These buildings are assets for our community, and we appreciate the investment by Walter Ostojic and Sons and Collier Homes Inc., in developing additional housing units.”

Today’s grand opening ceremonies recognized two affordable housing projects funded through the two-year extension of the Canada – Ontario Affordable Housing Program:

* Funding of $444,000 for a six-unit affordable housing project for low-income households at 5 Park Avenue.
* Funding of $480,000 for a six-unit affordable housing project for low-income households at 89½ Fairview Avenue.

The federal and provincial funding for both projects is complemented by more than $179,000 in municipal financial incentives.

The Canada – Ontario Affordable Housing Program Agreement comprises a commitment of $301 million from each of the two senior levels of government. In total, the federal, provincial and municipal governments will invest at least $734 million in the program, which will provide affordable housing for up to 20,000 households in Ontario.

In 2008, the Government of Canada committed more than $1.9 billion over 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 up to another $2 billion in loans municipalities for housing-related infrastructure. Combined for Ontario, this means a further $1.2 billion joint investment under the amended Canada – Ontario Affordable Housing Program Agreement. The federal and provincial governments are contributing equally to this overall investment.

Moishe Alexander presents YouTube video on St. Thomas

The announcement was made by Gary Schellenberger, Member of Parliament for Perth – Wellington, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC).

“Our Government understands the importance of infrastructure in maintaining strong and prosperous communities,” said MP Schellenberger. “This program is opening the door for municipalities to meet their housing-related infrastructure needs. Canada’s Economic Action Plan will continue to create jobs and stimulate the local economy here in Minto, and in all corners of the country.”

Moishe Alexander comments that the approval for this loan for Minto to upgrade treatment systems is essential. Canadian Funding Corp is very happy to report on this. Mr. Alexander is studying the increased capacity which will aid Minto citizens.

The Town of Minto has been approved for more than $2.3 million in a low-cost loan from CMHC’s Municipal Infrastructure Lending Program (MILP), to upgrade its wastewater treatment systems. These funds will increase the capacity of the collection system and reduce the risk of sewer backups for residents of Minto.

Canada’s Economic Action Plan provides up to $2 billion in direct low-cost loans to municipalities, over two years, for housing-related infrastructure projects through the MILP. Municipal infrastructure loans are available to any municipality in Canada and provide a new source of funds for municipalities to invest in housing-related infrastructure projects. These low cost loans can also be used by municipalities to fund their contribution for cost-shared federal infrastructure programming.

“The Town of Minto greatly appreciates the funds made available through CMHC’s Municipal Infrastructure Lending Program,” said Mayor David Anderson. “The funds made available through this program allows the Town of Minto to better prepare for future growth and prosperity.”

Eligible projects include infrastructure related to housing services such as water, power generation and waste services, as well as local transportation infrastructure within and into residential areas, such as roads, sidewalks, lighting and green space.

Minto video – Moishe Alexander

As Canada’s national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable, and affordable homes — homes that will continue to create vibrant and healthy communities and cities across the country.

According to a CMHC report, Canadian Funding Corporation says that the Government of Canada announced an investment of $3.7 million, as part of Canada’s Economic Action Plan (CEAP), to improve housing conditions for the Piikani Nation community.

Ted Menzies, MP for Macleod and Parliamentary Secretary to the Minister of Finance, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development Canada, and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC) and the Honourable Chuck Strahl, Minister of Indian Affairs and Northern Development and Federal Interlocutor for Métis and Non-Status Indians, made the announcement along with members of the Piikani Nation community.

“Our Government recognizes that social housing on-reserve is getting older and a significant number of projects are in need of repairs and upgrading” said MP Menzies. “Through Canada’s Economic Action Plan, we are helping alleviate some of the pressing needs of members who live in the Piikani Nation community and we are also stimulating the local economy by creating jobs.”

Through CEAP, the Government of Canada has committed $400 million over the next two years to help First Nation communities build needed new housing, repair and remediate existing non-profit housing for their members, and complement housing programs offered by CMHC and Indian and Northern Affairs Canada (INAC). This investment will also provide an economic stimulus for many First Nations and surrounding areas by creating jobs.

The application calls for the new funding initiatives under CEAP were very successful and generated a large number of applications. As a result, both CMHC and INAC will be able to allocate the full $200 million available this year.

Of the funding announced today, CMHC will allocate more than $853,000 to retrofit 41 social housing units and INAC will allocate $2.9 million over a two-year period towards various housing initiatives, such as renovations and conversion to market based housing, for the Piikani Nation.

Additionally, other federal funding sources are being leveraged to assist the Piikani Nation in skills development for the overall maintenance of its housing program.

Through the CEAP, some $50 million in federal investments will be made available to First Nations in Alberta to address immediate housing needs and assist the transition to market-based housing.

“The Government is actively working with First Nations towards increasing the supply of safe and affordable housing,” said the Honorable Chuck Strahl. “Not only will these investments in housing directly affect the recipients, they will also serve as an economic stimulus for many First Nations and rural areas by generating employment, developing skilled trades and fostering small businesses.”

“CEAP has been instrumental in assisting the Piikani Nation establish long-term and sustainable working relationships with professional contractors and suppliers, train and employ up to 35 Piikani Nation members, kick-start our market housing strategy and most importantly improve our living conditions,” said Piikani Nation Chief Reg Crowshoe.

Some Canadians have been unknowingly of a Canadian Mortgage as well as Housing Commission (CMHC). The CMHC is a supervision group upon condition which debt loan word to safeguard a accessibility of housing appropriation to Canadians. CMHC states which it reduces a down remuneration indispensable to buy a home to 10 percent of a squeeze price, or 5 percent for first-time home buyers.

CMHC appropriation is used at large via Canada as well as can be performed from any CMHC-approved lender. Besides upon condition which debt assistance. CMHC additionally reserve housing report to a public. Full in¬formation upon a most programs CMHC provides can be performed at:

CMHC appropriation is used at large via Canada as well as can be performed from any CMHC-approved lender. Besides upon condition which debt assistance. CMHC additionally reserve housing report to a public. Full in¬formation upon a most programs CMHC provides can be performed at:

Canadian Mortgage as well as Housing Corporation (CMGC) Suite 200, Royal Insurance Building twenty-eight Cumberland Street North Thunder Bay, Ontario P7A 4K9 Canada Tel: 807-343-2010; Fax: 807-345-0696 Mailing Address: P.O.Box 2026,Thunder Bay,Ontario P7B 5E7,Canada.

http://excitingeconomy.com/startup/canadian-mortgage-funding-assistance/

We read CAAMP’s Mortgage Journal this month.  It talks about how lenders use a variety of metrics to gauge the performance of mortgage brokers.

Two ratios currently in vogue are approval ratios and funding ratios.

Approval ratios (the percentage of a broker’s applications that get approved) are a useful measure of efficiency.  Brokers with really poor approval ratios take up a lender’s time unnecessarily, and they should be dealt with.

Funding ratios (the percentage of approvals that close) are also based on reasonability–although it’s debatable whether they’re always in the client’s best interests.  Some lenders are also quite unreasonable in their expectations of funding ratios, but that’s another story.

But now, we read about lenders tracking “early payout ratios.”  That’s the percentage of broker-referred mortgages that are terminated by the borrower before their term is up.

The implication is that brokers should be held responsible when clients break their mortgage early–as if we have complete control over it.

It’s true that lenders are best served when borrowers ride out their full term, but penalizing brokers for a client’s decision to refinance (when it wasn’t known in advance to the broker) is ludicrous.

Despite our distaste for this particular measure, there is no disputing the fact that lenders have to make money.  Early payouts affect their ability to do that.

The story discusses how it takes four years of revenue to pay for all the costs that go into a 5-year fixed mortgage.

The article also includes this seemingly inconceivable quote: “…all mortgages that pay out early result in a loss for the lender.”

Wow.  Maybe if lenders are losing this much on early payouts, they should adjust their penalties.  You would think that if a customer chooses a closed mortgage, and breaks his or her contract early, the penalty should be sufficient to bring the lender back to breakeven.

Whatever the case, there are certain lenders out there that are getting a little too ratio-happy.  They should reconsider any and all ratios that penalize brokers for the effects of competition and customer behaviour.

Brought by Moishe Alexander, CFC CEO

http://www.canadianmortgagetrends.com/canadian_mortgage_trends/2009/06/early-payout-ratios.html

The expanded shelter will offer 19 emergency beds for women and their children in Northumberland County. The facility was made possible with funding of $456,000 through Canada Mortgage and Housing Corporation’s (CMHC) Shelter Enhancement Program (SEP).

“The Government of Canada is committed to making affordable housing available in Ontario and across Canada for those who need it most,” said MP Rick Norlock, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development Canada, and Minister responsible for Canada Mortgage and Housing Corporation. “The creation of these units will provide women and their children with access to safe housing and the support they need to help them to start a new page in their lives.“

In addition, $77,685 in municipal donations and in-kind services helped to support the project.

“Congratulations to Northumberland Services for Women for having the vision and will to commence the actual structure of their new facility,” said Cobourg Mayor, Peter G. Delanty. “This will allow NSW to better serve the needs of those who desperately need our help and understanding.”

Expansions to the east, west and south wings of the facility will offer a welcoming space where clients can feel safe and comfortable, and access the NSW’s support programs and services, including emergency relocation, counseling, emergency transportation, a 24-hour crisis line, 2-hour free legal advice, educational programming, and a children’s shelter.

“We appreciate the tremendous assistance we received from all levels of government, service groups, companies and many individuals,” said NSW Board Chair, Barry Gutteridge. “Their kind contributions have helped this expansion to happen and more women and their children in crisis in Northumberland County will have a safe place to come to for emergency services.”

Marty Lapedus says that Northumberland Services for Women has been offering quality, emergency housing and support services to over 600 women and their children every year since their first shelter opened in 1985 at 355 Division Street in Cobourg.

CMHC’s Shelter Enhancement Program offers financial assistance for the repair, rehabilitation and improvement of existing shelters for women and their children, youth or men who are victims of family violence, as well as for the acquisition or construction of new shelters and second-stage housing where needed.

Canada Mortgage and Housing Corporation (CMHC) has been Canada’s national housing agency for over 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.

“The Government of Canada is committed to making affordable housing available in Ontario and across Canada for those who need it most,” said  Senator Nicole Eaton, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development Canada and Minister Responsible for Canada Mortgage and Housing Corporation. ”The creation of these new units will provide women and their children with access to safe housing and the support they need to help them to start a new page in their lives.”

Through Canada Mortgage and Housing Corporation (CMHC), the Government of Canada provided over $600,000 to Sandgate Women’s Shelter through SEED funding and the Shelter Enhancement Program. The SEP program assists in repairing, rehabilitating and improving existing shelters for women and their children, youth or men who are victims of family violence, and provides financial assistance for the acquisition or construction of new shelters and second-stage housing where needed.

This is Sandgate’s second shelter offering confidential 24-hour assistance to women and their children, including emergency crisis shelter, counselling, and transitional support and housing. The other location is Jackson’s Point.

“Abuse is a reality many women face silently,” said the Executive Director for Sandgate, Jehan A. Chaudhry. “The shelter in Richmond Hill will give women another choice to end abuse in their lives.”

Sandgate is a not for profit, charitable organization, that is dedicated to providing women and their children shelter, support and information so they can take steps to end violence in their lives.

The Canadian Funding Corporation notes that the CMHC 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 and making vibrant and sustainable 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 for housing 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.

Bharat Bhavan Foundation is a not-for-profit organization dedicated to promoting the social, economic, cultural, educational and spiritual development of its members. It offers a wide range of services, such as translation, help finding employment and French classes, to members of Montréal’s South Asian community. Bharat Bhavan Senior Hostels will offer multi-faith accommodation to retirees in the West Island of Montréal when it opens in July, 2008. The groundbreaking for residence attracted more than 100 people, which reflects well on the commitment of the community to the project. In a spirit of religious respect, leaders of the Christian, Muslim, Sikh and Hindu communities also attended the ceremony and gave their blessing to the project.

The Affordable Housing Solution The Bharat Bhavan Foundation is overseeing construction of Bharat Bhavan Senior Hostels, which will have 30 fully furnished self-contained units. Rent for the units will be $1,250 a month for a single-occupancy room, less than the market rate for comparable units in the Montréal metropolitan area. The residence, next to the Bharat Bhavan Foundation community centre, includes a dining room, lounges, an office for medical visits and laundry facilities. Recreational services will be offered.

Moishe Alexander says that the Canada Mortgage and Housing Corporation (CMHC) provided $20,000 Seed Funding ($10,000 grant and a $10,000 loan). This program offers financial assistance to potential housing providers who are in the early stages of developing an affordable housing proposal. The Bharat Bhavan Senior Hostels project also benefited from a $100,000 interest free Proposal Development Funding (PDF) loan. A PDF loan enables housing proponents to carry out the activities required to bring their proposal to the point where they can apply for mortgage financing. CMHC was also flexible in the terms for mortgage loan insurance. A total investment of more than $2,736,000 was required to develop this project.

Alberta’s booming economy has brought benefits to municipalities. However, there’s a downside to the boom: escalating housing prices. Low- and moderate-income households face increasing rents, making it even more difficult to save for a down payment. In Medicine Hat, a growing city of about 57,000 in southeastern Alberta, a local builder developed an innovative way to create affordable homeownership. Classic Construction Limited, Medicine Hat’s largest builder, strongly believes in homeownership.This motivated Classic Construction to discuss with CMHC ways to develop affordable housing. The Affordable Housing Solution Classic Construction developed “Attainable Ownership Housing.” Attainable Ownership Housing builds housing for sale at below-market prices.

Marty Lapedus says that the program helps purchasers through direct down payment contributions and mortgage subsidies. Each purchaser receives a subsidy of approximately $5,000 to reduce the down payment, as well as a monthly subsidy for five or seven years to reduce mortgage costs, condominium fees and utilities. Classic Construction contributes about $18,000 per unit for the monthly subsidy.The subsidy gradually decreases over five to seven years. The Medicine Hat Community Housing Society provides homeowner training to potential buyers and administers the monthly mortgage subsidy. CMHC provides flexible mortgage loan insurance, such as allowing the builder’s down payment assistance to be considered as part of the required down payment; allowing the monthly subsidy to be considered as income, thereby reducing the income required to qualify for a mortgage and reducing monthly mortgage payments.

By mid-2007, three developments in Medicine Hat used the Attainable Ownership model. The City of Medicine Hat contributed by amending zoning requirements for density, greenspace and site coverage.

Northland Villas, a 94-unit project began construction in 2005 and is now fully occupied. In 2006, construction began on Northlands Pointe (219 units) and Somerset Villas (129 units). Classic Construction wanted the units to fit in with their neighbourhoods and the two and three-bedroom units include features, typical of high-end townhomes. All three developments quickly sold out, and demand for Attainable Ownership Housing is so high that Classic Construction has started a waiting list. In 2007, Classic Construction took Attainable Ownership to High River with 114 units and is looking to expand to other areas of the province.