Canada supports 41 new homes in Peterborough

Every Canadian deserves a safe and affordable place to call home. The COVID-19 pandemic has made it clear that affordable housing is key to Canada’s recovery, as people in Canadian communities, including Peterborough.

Today, Ryan Turnbull, Member of Parliament for Whitby, on behalf of the Honourable Ahmed Hussen, Minister of Housing and Diversity and Inclusion, Julia Deans, President and CEO for Habitat for Humanity Canada and Susan Zambonin, CEO for Habitat for Humanity Peterborough & Kawartha Region came together to announce $4.1 M in federal funding that supported the construction of homes at 33 Leahy’s Lane in Peterborough to help 41 families realize their dreams of homeownership.

This investment by the Government of Canada was made possible the National Housing Strategy’s (NHS) National Housing Co-investment Fund (NHCF).

The National Housing Strategy’s NHCF gives priority to projects that help those in greatest need, including women and children fleeing family violence, seniors, Indigenous Peoples, people with disabilities, those dealing with mental health and addictions, veterans and young adults.

Last year, Vancity Community Investment Bank (VCIB) worked with Habitat for Humanity Canada to arrange a $30 million credit facility to support the construction of 414 affordable housing units across the country. Habitat for Humanity Peterborough & Kawartha Region was the first local Habitat to access these funds to support a new project. VCIB has a long track record supporting the development of affordable housing, and their credit facility provided essential financing for the Leahy’s Lane project.

The Habitat for Humanity model of affordable homeownership bridges a gap for people who face barriers to homeownership and would not otherwise qualify for a traditional mortgage. Local Habitat for Humanity organizations in every province and territory across Canada help build and rehabilitate decent and affordable homes, from single-family houses to multi-unit developments. With the help of volunteers and donors, Habitat helps families build their own homes and pay an affordable mortgage geared to their income. Safe, decent and affordable homeownership plays a critical role in helping families build a foundation for a life with better choices and more opportunities.

Quotes:

“Every Canadian deserves a safe and affordable place to call home. Our Government is dedicated to helping those in need which is why we partner with organizations such as Habitat for Humanity to make a real difference in the lives of families. Today, 41 families are realizing their dreams of homeownership here in Peterborough. Our government will continue to support housing needs for Canadians coast to coast to coast.”

“Our government believes that every Canadian deserves a safe place to call home. Across the country, we are working with Habitat to build the safe, appropriate, affordable housing necessary for healthy and sustainable communities. Here In Peterborough, the investments in these new homes will make a real difference in the lives of 41 hard-working families, a place they can proudly call their own.”

“Thanks to the support of CMHC and our partnership with Vancity, as well as the innovative vision of Habitat for Humanity Peterborough & Kawartha Region, 41 families now have decent and affordable housing and access to the social and economic benefits that come with affordable homeownership.”

“At a time when housing prices are skyrocketing locally, this innovative development will help 41 local families including seniors, singles, and couples to pay an affordable mortgage geared to their income. Because of the generosity of our many partners, these 41 families will have an opportunity to save more, invest in education, and have more financial stability.”

“As a purpose-driven lender, VCIB has a long history of financing affordable housing. Habitat shares our values and we’re proud to be working together to increase Canada’s affordable housing stock and to promote affordable homeownership.”

Quick facts:

• With a budget of $13.2 billion, the NHCF gives priority to projects that help people who need it most, including women and children fleeing family violence, seniors, Indigenous people, people with disabilities, those with mental health or addiction issues, veterans and young adults.
• Through the NHCF, the Government of Canada will work with partners to build up to 60,000 new affordable homes and repair up to 240,000 existing affordable and community homes.
• Under the NHCF, investments are also planned to create or repair at least 4,000 shelter spaces for victims of family violence, as well as create at least 7,000 new affordable housing units for seniors and 2,400 new affordable housing units for people with developmental disabilities.
• To help Canadians find affordable housing, Budget 2021 provides an additional $2.5 billion over seven years in new funding and to reallocate $1.3 billion in previously announced funding to speed up the construction, repair, and support over 35,000 additional housing units.
• In Budget 2021, $750 million in existing funding under NHCF has been advanced to 2021 – 22 and 2022 – 23. This will accelerate the creation of 3,400 new units and the repair of 13,700 units. $250 million in existing funding will also be allocated to support the construction, repair, and operating costs of an estimated 560 units of transitional housing and shelter spaces for women and children fleeing violence. This funding will help the Government address gender-based violence.
• Canada’s National Housing Strategy (NHS) is a 10-year, $72+ billion plan that will give more Canadians a place to call home.

Associated links:

As Canada’s authority on housing, 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 by 2030, 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.

About Habitat for Humanity Canada:

Founded in 1985, Habitat for Humanity Canada is a national charitable organization working towards a world where everyone has a decent and affordable place to call home. Habitat Canada brings communities together to help families build strength, stability and independence through affordable homeownership. With the help of volunteers, Habitat homeowners and 49 local Habitats working in every province and territory, we provide a solid foundation for better, healthier lives in Canada and around the world. Habitat for Humanity Canada is a member of Habitat for Humanity International, which was established in 1976 and has grown to become a leading global nonprofit working in more than 70 countries. For more information, please visit www.habitat.ca.

About VCIB:

VCIB is an Ontario-based, Schedule I federally chartered bank and a subsidiary of Vancity credit union. As Canada’s first values-driven bank, VCIB provides specialized financing solutions for impactful projects like social purpose real estate and clean energy projects. For purpose-driven businesses and organizations, VCIB offers banking, investing, and financing solutions tailor-made to increase their growth and impact. VCIB is a Certified B Corporation and a member of the Global Alliance for Banking on Values. For more information, visit vcib.ca, tweet us at @BankVancity, and connect with us on LinkedIn.

For information on this release:

Arevig Afarian
Office of the Minister of Housing and Diversity and Inclusion
Arevig.Afarian@infc.gc.ca

Media Relations
Canada Mortgage and Housing Corporation
media@cmhc-schl.gc.ca