HOMEOWNERSHIP DREAM MADE A REALITY IN PRINCE ALBERT

Released on July 29, 2005

An affordable housing project in Prince Albert is providing low- to moderate-income families with an opportunity to realize the dream of homeownership.

Jovin Homes, a registered Saskatchewan corporation involved in the home construction business in Prince Albert for the last 16 years, has broken ground on building 10 new detached homes for low- to moderate-income families. The two- and three-bedroom houses, 900 square feet in size, are located on Weir Road in the Southwood area, a private street in close proximity to a new school in East Central Prince Albert. The lot sizes are 40 feet by 118 feet.

"The Government of Canada is dedicated to helping provide families with every opportunity to realize the dream and security of homeownership," said Ralph Goodale, Minister of Finance, on behalf of Joe Fontana, Minister of Labour and Housing. "This project will help the people of Prince Albert by showing that homeownership is more than just a dream – we are helping to make it a reality."

"Our HomeFirst strategy has a goal of helping Saskatchewan families build safe and prosperous communities through homeownership," Prince Albert Northcote MLA Eldon Lautermilch said, on behalf of Community Resources and Employment Minister Joanne Crofford. "Prince Albert will be a stronger and more prosperous community because of projects like this to help working families own their own homes and futures."

"In Prince Albert, a strong community begins with a strong family unit and that begins with homeownership," Prince Albert Mayor Jim Stiglitz said. "As Mayor, I know how important projects like these are for both families and our community because everyone wins with opportunities like these."

The Government of Canada and Province of Saskatchewan through the Centenary Affordable Housing Program (CAHP) are helping to build the project.

For the Homeownership Option, the CAHP Equity Loan can range from a minimum of $5,000 for each household to a maximum of $19,500 in relation to a maximum income limit of $39,500. Assuming that the 10 successful applicants will have an adjusted household income of less than $32,250, the total maximum CAHP contribution will amount to $195,000. The breakdown of the CAHP contribution of $195,000 would be as follows: Federal Government - $97,500; Provincial Government - $78,000 and the City of Prince Albert $19,500.

Funded under the Canada-Saskatchewan Affordable Housing Agreement, CAHP provides $33 million in federal funding for affordable housing, matched by Saskatchewan, municipalities and other parties. With these matching contributions, a total of $66 million will be allocated by 2007/08 for affordable housing.

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For More Information, Contact:

Greg Urbanoski Community Resources and Employment Regina Phone: (306)787-4011 Cell: (306)537-2879

Jason Cobb Canada Mortgage and Housing Calgary Phone: (403)515-2903