HAY RIVER, NT, Nov. 29, 2024 /CNW/ - Today, Michael McLeod, Member of Parliament for Northwest Territories, alongside R.J. Simpson, Premier of the Northwest Territories, and Ron Schaub, General Manager of Rowe's Group of Companies, announced over $13 million in funding for 44 new homes in Hay River. This brings the total announced funding for the Northwest Territories under National Housing Strategy programs to $203 million for the creation and repair of 580 units
Celebrating the official grand opening today, Riverside Suites is located at 66 Capital Drive and has a mix of 1-bedroom and 2-bedroom suites. With a number of accessible units, the building also serves the need for accessible housing in the community. All units have balcony access, in-suite laundry and underground parking.
Construction is now complete and tenants have already begun moving into their new homes.
Funding for this project includes:
- $13.2 million in loans from the federal government through the Affordable Housing Fund
- $200,000 from Housing NWT
- Investment and land equity from Hay River Mobile Home Park
Quotes:
"The federal government is pleased to have supported this project in Hay River. We are committed to making communities stronger through projects such as these here in the Northwest Territories and across Canada. Not only do these investments help create new jobs and stimulate the local economy, they also help to provide access to secure and affordable homes for community members. This collaborative effort is helping to ensure that more individuals have a place they can call home."
- Michael McLeod, Member of Parliament for Northwest Territories on behalf of The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities
"Housing is more than just a roof over our heads; it is the foundation of strong communities and personal dignity. In the Northwest Territories, ensuring access to safe and affordable homes is a key priority for this government. When individuals and families have a place to call their own, it fosters a sense of pride, stability, and security, and is essential for both physical and mental wellbeing. Working with our partners to complete projects like Riverside Suites helps to create more homes for Northerners, and is critical to building a healthier, more resilient NWT for everyone."
– R.J. Simpson, Premier of the Northwest Territories
"As the Rowes Group of Companies we take pride in investing in the communities we work, live and play. That vison of investing in community got us through some pretty difficult times during the construction of this building. With a plan to build an apartment came interest from the Federal and Territorial governments seeing this project in progress and looked to assist and get it over the finish line."
– Ron Schaub, General Manager, Rowe's Group of Companies
Quick facts:
- The National Housing Strategy (NHS) is a 10+ year, $115+ billion plan to give more Canadians a place to call home. Progress on programs and initiatives is updated quarterly at www.placetocallhome.ca. The Housing Funding Initiatives Map shows affordable housing projects that have been developed.
- As of September 2024, the federal government has committed $57.57 billion to support the creation of over 156,000 units and the repair of over 297,000 units. These measures prioritize those in greatest need, including seniors, Indigenous Peoples, people experiencing or at risk of homelessness, and women and children fleeing violence.
- The Affordable Housing Fund (AHF) provides funding through low-interest and/or forgivable loans or contributions to partnered organizations for new affordable housing and the renovation and repair of existing, affordable and community housing. This is a $14.6 billion program under the National Housing Strategy (NHS) that gives priority to projects that help people who need it most, including women and children fleeing family violence, seniors, Indigenous Peoples, people living with disabilities, those with mental health or addiction issues, Veterans, and young adults.
- As of September 2024, the Government of Canada has committed $10.34 billion to support the creation of over 40,000 units and the repair of over 166,000 units through the Affordable Housing Fund.
- Budget 2024 announced enhancements to the AHF which includes the program being extended from 2025 – 26 to 2028 – 2029. The existing New Construction Stream is now divided into two dedicated sub-streams: a Rapid Housing Sub-Stream for the creation of shelters, supportive and transitional housing for those in greatest need, and a dedicated Community Housing Sub-Stream to support affordable and mixed-market housing where there are both affordable and market rent units in a project. The Repair and Renewal Stream has replaced minimum requirements with an approach where projects supporting accessibility and energy efficiency will be prioritized. Applications including these enhancements opened on November 22.
- In 2021, the federal government announced $60 million in a northern carve out for the Northwest Territories under the Affordable Housing Fund.
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. CMHC's aim is that by 2030, everyone in Canada has a home they can afford, and that meets their needs. For more information, please visit cmhc.ca or follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.
- Visit Canada.ca/housing for the most requested Government of Canada housing information.
- 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. CMHC's aim is that everyone in Canada has a home they can afford and that meets their needs. For more information, follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.
- To find out more about the National Housing Strategy, please visit www.placetocallhome.ca.
SOURCE Government of Canada
Information on this release: Sofia Ouslis, Office of the Minister of Housing, Infrastructure and Communities, [email protected]; Media Relations, Canada Mortgage and Housing Corporation, [email protected]
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