GOVERNMENTS OF CANADA AND ALBERTA SUPPORT INNOVATIVE RENT TO OWN PROJECT IN EDMONTON

EDMONTON, AB, Oct. 3, 2022 /CNW/ - Thanks to investments from the Governments of Canada and Alberta, 24 affordable rent-to-own homes will soon be available.

Today, the Honourable Ahmed Hussen, Minister of Housing and Diversity and Inclusion, the Honourable Randy Boissonnault, Minister of Tourism and Associate Minister of Finance and Member of Parliament for Edmonton Centre, alongside Josephine Pon, Alberta Minister of Seniors and Housing announced the construction of 24 new affordable rental and rent-to-own units for Paul First Nation members.  

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

Through the Canada-Alberta Bilateral Agreement under the National Housing Strategy, the project received approximately $3 million for construction of the 24 homes. Government of Alberta funding is provided through the Indigenous Housing Capital Program (IHCP), which supports Indigenous governments and communities in building affordable off-reserve, off-settlement, and on-settlement housing. The project will create about 50 jobs.

Supporting community-driven projects like the rent-to-own initiative undertaken by the Paul First Nation is a key action under Alberta's Stronger Foundations affordable housing strategy and responds to the recommendations of the 2020 Affordable Housing Review Panel.

The IHCP ensures a flexible, autonomous approach and encourages public and private developers to partner with Indigenous governments and organizations. Government accepts IHCP applications on a continuous basis and are available at alberta.ca/ihcp.   

Quotes:

"Every Canadian deserves a safe and affordable place to call home. Our government is working closely with Indigenous communities to address their housing needs. That's why we are investing in innovative affordable housing projects like this because it creates healthier and more vibrant communities. This is one of the ways our government's National Housing Strategy continues to ensure no one is left behind."–The Honourable Ahmed Hussen, Minister of Housing and Diversity and Inclusion   

"Our government is committed to supporting affordable housing projects in partnership with Indigenous communities across our province. From rapid housing initiatives, to rent-to-own programs like todays announcement with Paul Band First Nation, we are using a whole of government approach to increase access to safe and affordable housing. These continued investments are our governments commitment to build a housing market that works for everyone while also continuing down the path of reconciliation with First Nations, Inuit, and Métis peoples." 
– The Honourable Randy Boissonnault, Minister of Tourism and Associate Minister of Finance and Member of Parliament for Edmonton Centre   

"For the first time, a housing project funded through our Indigenous Housing Capital Program offers tenants a rent-to-own option. The Paul First Nation project reflects the flexibility of this program, and we are proud to support this new housing and the promise to make home ownership a reality for some Paul Band members." - Josephine Pon, Minister of Seniors and Housing

"The availability of affordable, accessible off-reserve housing is important. These 24 units supported by IHCP for Paul First Nation provide equitable access, and necessary supports in urban areas. This is great development and I look forward to continued success." - Rick Wilson, Minister of Indigenous Relations

"As the Chief and Council of Paul First Nation, it's our responsibility to look after the needs of our membership both On-Reserve and Off-Reserve. The rent to own model is a housing alternative for our membership living Off-Reserve that supports a sustainable future with all resources made available for a better life. We are honored and grateful to have the support from the provincial government, the federal government and the City of Edmonton that have come together and joined our efforts, I feel we are well on our way towards not only a brighter today, but a tomorrow that brings opportunity for change." - Chief Arthur Rain, Paul First Nation

"I'm so pleased to see all orders of government working together to provide these 24 affordable housing units in our city. Every single affordable housing unit provided is a step in the right direction and this Indigenous led housing will make a difference in the lives of families and seniors from the Paul First Nation." - Amarjeet Sohi, Mayor, City of Edmonton

Quick facts

• The governments of Alberta and Canada will provide joint funding of $3 million under the National Housing Strategy's bilateral agreement toward the project.
• Paul First Nation is working with CMHC to secure up to $4.5 million through the National Housing Co-Investment Fund for the project and $250,000 in Seed funding.
• The City of Edmonton is providing a $1.5 million grant.
• The Paul Band Property Management Corporation will contribute a minimum of $685,000, about 10 per cent of the total project cost, to cover its contribution toward the total capital costs.
• Federal funding for the IHCP is provided through the 10-year bilateral housing agreement between the Government of Canada and the Government of Alberta, announced in spring 2019.
• Stronger Foundations: Alberta's 10-year plan to improve and expand affordable housing reflects advice from the Affordable Housing Review Panel to redefine the government's role, tap into community expertise, expand partnerships and simplify the system.
• Alberta Seniors and Housing's Capital Plan 2022 allocates $281 million over three years to provide 2,300 new and regenerated affordable housing units while supporting more than 2,000 jobs.
• Canada's National Housing Strategy (NHS) is a 10-year, $72-plus billion plan that will give more Canadians a place to call home.
• The NHS is built on strong partnerships between the federal, provincial and territorial governments and continuous engagement with others, including municipalities, Indigenous governments and organizations, and the social and private housing sectors. This includes consultations with Canadians from all walks of life and people with experience of housing need.
• All NHS investments delivered by the federal, provincial and territorial governments will respect the key principles of the NHS that support partnerships, people and communities.

Associated links

• As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry. For more information, please visit cmhc.ca or follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook. 
• To find out more about NHS, visit placetocallhome.ca.
• The Alberta Ministry of Seniors and Housing fosters the development of affordable housing and supports access to housing options for Albertans most in need. The ministry works with seniors, their families and caregivers, Albertans who require housing supports, and communities and other government partners. A more detailed description of the ministry and its programs and initiatives can be found at alberta.ca/ministry-seniors-housing.aspx.

SOURCE Canada Mortgage and Housing Corporation

Media Inquiries: Arevig Afarian, [email protected], Office of the Minister of Housing and Diversity and Inclusion; Media Relations: [email protected], Canada Mortgage and Housing Corporation: Dylan Topal, [email protected], 780-886-2912, Press Secretary, Seniors and Housing