SASKATOON, SK, Aug. 2, 2024 /CNW/ – Today, the federal government announced more than $36 million in contributions and low-cost loans through the Affordable Housing Fund (AHF) to help build and repair 788 affordable homes in Saskatchewan.

The announcement was made by the Honourable Dan Vandal, Minister of Northern Affairs and Minister responsible for PrairiesCan and CanNor on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities.

It took place at 727 Hart Road in Saskatoon which received $23.6 million to build 73 new homes and will be operated by Camponi Housing Corp. and SaskNative Rental Inc. The project will create a self-contained community specifically tailored for Métis and First Nations Peoples. These affordable, energy-efficient townhouses will have 1 to 4-bedroom units. They will offer on-site social, medical, and financial support services. Additionally, the location provides quick access to major highways, urban areas with amenities, and is near public transit.

Also announced today were agreements between the federal government and Buffalo River Dene Nation, the City of Humboldt, the Town of Moosomin, and the Town of Outlook to fast track a combined total of over 140 housing units over the next three years through the Housing Accelerator Fund (HAF). This work will help spur the construction of more than 560 homes over the next decade.

These agreements will provide a combined total of nearly $5.5 million to eliminate barriers to building the housing we need, faster across these four communities.

HAF is helping cut red tape and fast track at least 100,000 permitted new homes over the first three years, which communities estimate will lead to the creation of over 750,000 permitted new homes for people across Canada over the next decade. It asks for innovative action plans from local governments, and once approved, provides upfront funding to ensure the timely building of new homes, as well as additional funds upon delivering results. Local governments are encouraged to think big and be bold in their approaches, which could include accelerating project timelines, allowing increased housing density, and encouraging affordable housing units.

In Budget 2024, the federal government committed an additional $400 million to incentivize more local governments to fast-track home construction, resulting in an additional 12,000 new homes permitted over the next four years.

The Government of Canada is making life more affordable for Canadians – and housing is key to our work. We will continue to work with provincial, territorial, and municipal governments, as well as Indigenous partners, to keep building more homes for Canadians, faster.

A detailed list of all the projects that received funding under the AHF and HAF is provided in an appendix to this release.

Quotes:

“Everyone deserves a place to call their own and through the National Housing Strategy’s Affordable Housing Fund and Housing Accelerator Fund, we’re helping make that a reality for Canadians. We will keep investing in housing projects like the ones announced today, and working with partners across the country, to end the housing crisis.” – The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities

“Here in Saskatchewan and across the country, we’re tackling the housing crisis by investing in affordable housing and partnering with local communities to make construction easier. By working together, we’re making sure every Canadian has an affordable place they can call home.” – The Honourable Dan Vandal, Minister of Northern Affairs and Minister responsible for PrairiesCan and CanNor

Quick facts:

• The Affordable Housing Fund (AHF) investment announced today are helping create a total of 73 new homes and is leading to the repairs of 715 homes.
• AHF provides funding through low-interest and/or forgivable loans or contributions to help build new affordable homes and renovate and repair existing, affordable and community housing.
• Through the 2023 Fall Economic Statement, the government announced an additional $1 billion for the Affordable Housing Fund, bringing the total funding to over $14 billion. To further support non-profit, co-operative, and public housing providers and respond to the needs of those most impacted by the housing crisis, Budget 2024 committed an additional $1 billion to the fund.
• This program under the National Housing Strategy (NHS) 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.
• NHS is an $82+ billion plan to give more Canadians a place to call home. Progress on programs and initiatives are updated quarterly at www.placetocallhome.ca. The Housing Funding Initiatives Map shows affordable housing projects that have been developed..
• As of March 2024, the federal government has committed $50.97 billion through the NHS to support the creation of over 146,000 units and the repair of over 286,000 units.
• Launched in March 2023, the Housing Accelerator Fund is a $4.4 billion initiative under the NHS that will run until 2027-28. The first round of funding totalled $4 billion, and Budget 2024 added an additional $ 400 million to this program.
• Please visit the Housing Accelerator Fund website for more details.
• In the process to allocate the additional funding received through Budget 2024, the Government of Canada will negotiate an agreement with Quebec that will further accelerate housing and provide more funding for affordable housing in the province.
• On April 12, 2024, the federal government released Solving the housing crisis: Canada’s Housing Plan, supported by new investments proposed in Budget 2024.
• To support the Government’s work to grow housing supply and address the need for more affordable and rental homes, CMHC is implementing the Frequent Builder framework.
• The Frequent Builder framework will help expedite applications for the Affordable Housing Fund and the Apartment Construction Loan Program. The Frequent Builder status is given to existing housing providers with a proven track record of building multi-residential units. Different criteria apply to Governments, non-profit and for-profit organizations to qualify for Frequent Builder status.
• Frequent Builders may receive benefits such as priority treatment, a streamlined process through intake, underwriting and approval stages, underwriting and advancing flexibilities, as well as the possibility of funding commitments for future years which will allow funding predictability and better planning for their pipeline of projects.

Additional Information:

• 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. 

Appendix 1: Projects receiving funding under AHF

Appendix 2: Communities receiving funding under HAF

SOURCE Canada Mortgage and Housing Corporation (CMHC)

Featured Image: Megapixl @ Stokkete

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