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FAMILIES TO BENEFIT FROM $3.6 MILLION AFFORDABLE HOME OWNERSHIP PROJECT IN REGINA

Released on February 17, 2004

The Regina Affordable New Home Foundation project will build up to 36, two-story, semi-detached homes to be purchased by qualifying families. The new homes will be located in an area in east Regina called Wessex Crescent. Families must qualify for a first mortgage and have an income less than $39,500 to apply to purchase a home.

This is the third of six projects approved to date in Regina under the Canada-Saskatchewan Affordable Housing Agreement. Funding details were announced today by Ralph Goodale, Minister of Finance, on behalf of Andy Scott, Minister of State (Infrastructure) and Minister responsible for Canada Mortgage and Housing Corporation (CMHC), and Joanne Crofford, Saskatchewan Community Resources and Employment Minister.

The $3.6 million project, sponsored by the Regina Affordable New Home Foundation, will receive up to $708,000 in federal-provincial-municipal funding under the Centenary Affordable Housing Program (CAHP) with participating home buyers financing the remainder of project funds through their home purchases.

The Regina Affordable New Home Foundation will assist families through the home purchase and mortgage financing process and interested families can contact the Regina Affordable New Home Foundation.

Funding from the CAHP includes up to $250,000 from the Government of Canada, $210,000 from the province, and $248,000 from the City of Regina. The city's contribution is in land and a five-year property tax exemption under the Inner City Housing Stimulation Strategy.

"The Government of Canada is committed to building strong, healthy communities. We are pleased to be partners in providing affordable housing for families in Saskatchewan who are in need," Goodale said. "By working with our provincial, municipal and other partners we are ensuring a continued investment in quality housing throughout the province."

"This is part of the provincial government's commitment to provide more affordable housing opportunities for Saskatchewan families," Crofford said. "We are working together to help make the dream of owning a home a reality for 36 Regina families."

"This project is part of the City's efforts to increase affordable housing and work toward a greater proportion of home ownership in our city. The pride of ownership goes a long way toward making a community safer, healthier and more attractive," City of Regina Mayor Pat Fiacco said. "It is also another example of the great value we see when the three orders of government work in partnership to strengthen communities."

"We are pleased to announce this new affordable home ownership project as the first home ownership development funded under CAHP in Saskatchewan," representative Doug Rogers of the Foundation's managing agency, Terra Developments Inc. said. "We look forward to working with families to help them purchase a new home."

CAHP is funded under the Canada-Saskatchewan Affordable Housing Program Agreement. It provides $22.93 million in federal funding for affordable housing, matched by Saskatchewan and other parties including municipalities. With these matching contributions, a total of $45.9 million over five years will be available to develop affordable housing in Saskatchewan.

Two other CAHP projects, one managed by the South Saskatchewan Independent Living Centre and the second by the Regina YWCA were announced in July 2003. Details on remaining projects will be announced in the future. A total of $6.4 million will be allocated to the CAHP projects in Regina, worth $19.4 million during the 2003-04 fiscal year.

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For More Information, Contact:

Sophie Dupuis
Canada Mortgage and Housing Corporation
Calgary
Phone: (403) 515-2986		Herman Hulshof
Community Resources and Employment
Regina
Phone: (306) 787-0916

Peggy Clark
Director of Community Services
Regina
Phone: (306) 777-7318
Doug Rogers
Regina Affordable New Home Foundation
Regina
Phone: (306) 924-0445

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