STRATFORD, PE, March 3, 2020 /CNW/ - Every Canadian deserves a safe and affordable place to call home. That is why, in May 2018, the Government launched the National Housing Co-Investment Fund (NHCF), the largest program of its kind in Canadian history.
Today, The Honourable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC), announced a financial commitment of over $20.36 million from the federal government for the construction of 106 new rental housing units in Prince Edward Island to help more families have an affordable place to live.
Through the NHCF, a pillar initiative of the National Housing Strategy (NHS), the federal government is investing in two projects by Pan American Properties Inc:
Thanks to these federal commitments and to the investments of other partners, namely, the Province of Prince Edward Island who have provided Pan American Properties Inc. with $19 million to support the housing developments, these projects will provide much needed affordable housing options close to public transit, schools and services for families in need.
"Through the National Housing Strategy, more Canadian families will find safe, accessible and affordable homes in communities where their families can thrive and children learn and grow. This investment is wonderful news for the Montague and Stratford families that will move into these new affordable rental housing units. Our Government is committed to increasing the supply of rental units for Canadians through projects like the ones we are announcing today."
– The Honourable Ahmed Hussen, Minister of Families, Children and Social Development and the Minister responsible for Canada Mortgage and Housing Corporation (CMHC)
"Everyone deserves a safe place to call home that they can afford and that meets their needs. This is why, as part of the National Housing Strategy, our Government is proud to be helping corporations like Pan American Properties get affordable housing projects like Montague Place and Stratford Place built. When we help Prince Edward Islanders get the housing they need, we are doing more than putting a roof over their heads, we are helping build a foundation for their success."
– Sean Casey, Member of Parliament for Charlottetown
"New affordable housing options for Montague and Stratford will address a serious need in these two growing communities and support Islanders currently on the provincial social housing registry. Through investments in our communities, including investing in affordable housing solutions for Islanders tip to tip, we can help create a province where all Islanders can live healthy, independent lives and where our communities can remain strong and vibrant. Working together, including with our federal partners, we will make investments in programs and services important to Islanders."
– The Honourable Ernie Hudson, Provincial Minister of Social Development and Housing
"We are excited to partner with Canada Mortgage and Housing Corporation (CMHC) and the Province of Prince Edward Island and recognize their financial investments in these affordable housing projects for residents and future residents of Stratford and Three Rivers (Montague). These projects will help both communities grow and prosper. We believe these affordable housing projects will play an important contribution to the housing crisis we are facing on Prince Edward Island and we applaud community leaders in Stratford and Three Rivers (Montague) for their encouragement and support to help make these projects a reality. We live here and we're proud of what we build here."
– Tim Banks, President, Pan American Properties Inc.
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 the National Housing Strategy, visit www.placetocallhome.ca.
SOURCE Canada Mortgage and Housing Corporation
For further information: Maya Dura, Senior Special Assistant, Communications, Office of the Minister of Families, Children and Social Development, 873-354-8265, [email protected]; Audrey-Anne Coulombe, Canada Mortgage and Housing Corporation, Media Relations, 613-748-2573, [email protected]
Also from this source