Affordable homeownership project officially opens in Toronto



    TORONTO, April 12 /CNW/ - Canada's New Government, the Government of
Ontario and The Daniels Corporation held a ceremony today to mark the official
opening of an affordable housing development - WAVE Lakeshore West. The
project provides affordable condominium units in Toronto for sale to
low-to-moderate income households.
    David Sweet, Member of Parliament for
Ancaster-Dundas-Flamborough-Westdale, on behalf of the Honourable Monte
Solberg, Minister of Human Resources and Social Development; the Honourable
Laurel Broten, Minister of the Environment and MPP for Etobicoke-Lakeshore, on
behalf of the Honourable John Gerretsen, Minister of Municipal Affairs and
Housing; and Mitchell Cohen, President of The Daniels Corporation, attended
the ceremony.
    "Canada's New Government is delivering on our commitment to create new
affordable housing in the Greater Toronto Area and across Ontario," said MP
Sweet. "This project will help many lower income Toronto families access
quality, affordable housing."
    "The McGuinty government understands the need for a range of affordable
housing options," said Broten. "Between paying rent and other expenses, many
lower and moderate income residents find it difficult to save for a down
payment. This partnership helps people get a foothold in the housing market
while alleviating some of the demand for affordable rental housing in
Toronto."
    "The tremendous success of WAVE Lakeshore West is proof of the pent-up
demand for affordable housing priced within the reach of first time buyers."
says Martin Blake, Vice President of Project Implementation for The Daniels
Corporation. "Daniels is committed to making homeownership a reality for as
many people as possible, especially those who might not otherwise be able to
afford to enter the new home market. Thanks to this innovative public/private
sector partnership, many people are already calling WAVE Lakeshore West home.
We are grateful for the opportunity to be involved in this type of
initiative."
    The project was allocated up to $1.61 million in funding from the federal
and provincial governments under the Canada-Ontario Affordable Housing Program
Agreement (AHP) to provide five per cent downpayment assistance to households
purchasing studio and one and two bedroom condominiums. Qualified purchasers
with a five per cent down payment receive an additional five per cent loan
from The Daniels Corporation.
    The new 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
20,000 households in Ontario.

    Disponible en français

    
    For more information visit: http://www.cmhc.ca
                                http://www.mah.gov.on.ca
                                http://www.danielshomes.ca
    





For further information:

For further information: Kathie Howes, Canada Mortgage and Housing
Corporation, (416) 218-3488; Patti Munce, Office of Minister Gerretsen, (416)
585-6333; Rhoda Eisenstadt, The Communications Group, (416) 696-9900 ext. 33

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Ontario Ministry of Municipal Affairs and Housing

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