Government of Canada Helps Lower the Cost of Housing
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 11/21/13 -- Today, the Honourable Candice Bergen, Minister of State for Social Development announced changes that will help support a number of existing social housing projects when their operating agreements mature.
"The Harper Government is focused on helping vulnerable Canadians lift themselves out of poverty and lead successful lives," said Minister Bergen. "Since 2006, in working with our partners, we've provided support to over 880,000 individuals and families with access to affordable housing. Today's announcement represents a common sense approach that will give some social housing projects greater flexibility when their CMHC operating agreements reach their maturation."
Effective immediately, social housing providers whose operating agreements allow for the establishment of a Subsidy Surplus Fund (SSF) can now retain any money they may have in this fund to use after their operating agreements mature. These funds can be used to continue to lower the cost of housing for low-income households living in existing social housing, including individuals, families, seniors, persons with disabilities, and Aboriginal people.
The SSF is a component of some operating agreements entered into between CMHC and non-profit and co-operative housing providers. The Fund is established by housing providers so that they can retain unused federal funding, up to a certain limit to lower rents for low-income households. This change will apply retroactively. This means that for housing providers whose agreements have already matured and who have repaid CMHC amounts that remained in their SSF at time of maturity, CMHC will refund the funds it collected, provided the project continues to be owned and operated by the social housing provider.
"The Co-operative Housing Federation (CHF) of Canada's 900 member housing co-ops warmly welcome the decision announced today on the eve of National Housing Day," said CHF Canada's Executive Director Nicholas Gazzard. "This additional flexibility allows co-ops to use federal funds to provide rent-geared-to-income assistance for vulnerable low-income households, even after their funding agreements have expired."
Economic Action Plan 2013 committed $1.25 billion to renew the Investment in Affordable Housing. This is in addition to the $2 billion invested through previous Economic Action Plans to build new affordable housing and renovate existing social housing projects, including co-operatives.
Through CMHC, the Government of Canada continues to work with provinces and territories and other stakeholders to ensure that Canadians have access to a range of affordable housing options, including non-profit and co-operative housing.
Backgrounder: Subsidy Surplus Fund and Federal Investments in Existing Social Housing
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BACKGROUNDER
Subsidy Surplus Fund
Federal Investments in Existing Social Housing
Canada Mortgage and Housing Corporation
Contacts:
Andrew McGrath
A/Director of Communications
Office of the Minister of State (Social Development)
819-953-2350
Charles Sauriol
CMHC Media Relations
613-748-2799
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Unternehmensinformation / Kurzprofil:
Datum: 21.11.2013 - 18:15 Uhr
Sprache: Deutsch
News-ID 319293
Anzahl Zeichen: 3332
contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
National
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