VICTORIA, BC, July 29, 2024 /CNW/ - Today, the federal government announced more than $145 million in contributions and low-cost loans through the Affordable Housing Fund (AHF) to help build and repair more than 2,600 affordable homes on Vancouver Island and across British Columbia.

The announcement was made by the Honourable Harjit Sajjan, Minister of Emergency Preparedness and Minister responsible for the Pacific Economic Development Agency of Canada – on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities – alongside, Peter Parker, Chairman Dawson Heights Housing Ltd, and Karen Hope, Executive Directory, Dawson Heights Housing Ltd.

It took place at the Woodlands at Dawson Heights, at 3700 Cedar Hill Road, which received $4.25 million to build 85 homes and will be operated by Dawson Heights Housing Society. The building will have one- and two-bedroom suites for seniors over 55 on fixed, moderate-, and low-incomes, and is conveniently located near grocery stores, parks, pharmacies, and other amenities.

This new development replaces Dawson Height's former cottages, which were located on the current site, and is the third and final development for the Dawson Heights Campus. The building will be constructed with accessibility in the design. Construction is scheduled for completion in late 2024.

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

Quotes:

"Everyone deserves a place to call their own and the Affordable Housing Fund is one way we're helping make that a reality for Canadians. We will keep investing in affordable 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

"We need innovative solutions and quick action to fix the housing crisis. Through the Affordable Housing Fund, we are building and repairing over 2,677 homes on Vancouver Island and across British Columbia. By working with our communities, we are investing $145 million to support those who need social and affordable housing the most." –  The Honourable Harjit Sajjan, Minister of Emergency Preparedness, and Minister Responsible for PacifiCan

Quick facts:

• The federal funding announced today is helping create a total of 1,082 new homes and is leading to the repairs of 1,579 homes.
• The Affordable Housing Fund (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.
• 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.
• 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: Projects receiving funding under AHF

SOURCE Canada Mortgage and Housing Corporation (CMHC)