LANGFORD, BC, Feb. 1 /CNW/ - In a great example of public and private
sector co-operation, 20 families have been able to achieve the dream of home
ownership in 2007 through the City of Langford's Affordable Housing program
and support from Genworth Financial Canada, The Homeownership Company.
"We're very proud of our partnership on affordable housing with the
development community, which has provided an $8 million subsidy to our
initiative at no cost to the taxpayer, and we're thrilled for the families who
have been able to become homeowners as a result," said Langford Mayor Stewart
Under the program, 20 Langford families have been able to buy
three-bedroom homes for roughly 50% of the market price, with the difference
being subsidized by developers. As well, Genworth Financial Canada has made
access to homeownership easier and more affordable for many of these families
by contributing a customized mortgage default insurance program that combines
significant premium savings with lower interest rates over the life of the
"We are very pleased to partner with the City of Langford on this
outstanding affordable housing initiative. We believe that private sector
businesses have a role to play in promoting sustainable, healthy community
development," said Peter Vukanovich, president of Genworth Financial Canada.
Langford's Affordable Housing program is an award-winning initiative,
honoured by the Planning Institute of British Columbia with an Excellence In
A total of 27 affordable housing units have been constructed and sold
under the program since 2005, with another 51 affordable units already secured
or pending through rezoning measures.
About the City of Langford:
Located on the southern end of Vancouver Island, the City of Langford is
a young and growing community of more than 23,000 residents. It offers a
variety of business opportunities, affordable housing and a wide range of
services and amenities. Langford is within easy access of the rest of the
Greater Victoria metropolitan area. In addition to previous initiatives to
support affordable housing, the City of Langford adopted an Affordable Housing
Policy on March 15, 2004.
Additional information about the City of Langford is available at
About Genworth Financial Canada:
Our products help people make their dreams of home ownership come true.
At Genworth, we believe in delivering value to the communities where our
people live and work. Our partnerships with Habitat for Humanity and other
charitable initiatives are tangible ways to demonstrate our commitment to
affordable and accessible homeownership. In helping to build homes, we help to
build a brighter future for both our young people and for people in need.
Genworth Financial Canada, The Homeownership Company, works with lenders,
mortgage brokers, real estate agents and builders to make homeownership more
affordable and accessible throughout Canada. The company combines global
experience in mortgage insurance with technological and service leadership to
deliver innovation to the mortgage marketplace.
Additional information about Genworth Financial Canada is available at
www.genworth.ca or through mortgage lenders.
About Genworth Financial:
Genworth Financial (NYSE: GNW) is a leading financial security company
meeting the retirement, longevity and lifestyle protection, investment and
mortgage insurance needs of more than 15 million customers. It has a presence
in more than 25 countries. For more information, visit genworth.com.
For further information:
For further information: Media contacts: Emilie Adin, Deputy Planner,
City of Langford, (205) 478-6919, firstname.lastname@example.org; Sherri Leclair,
Marketing/Communications Leader, (905) 287-5408, Sherri.Leclair@genworth.com