GOVERNMENT OF CANADA AND THE CITY OF MONTREAL TO PROVIDE RENOVATIONS FOR OVER 4,700 HOMES

MONTRÉAL, Oct. 24, 2022 /CNW/ - Everyone deserves a safe and affordable place to call home. That is why the Government of Canada is partnering with the City of Montréal and the Société d'habitation et de développement de Montréal (SHDM) to make a major investment in affordable housing in Montréal.

Today, the Honourable Steven Guilbeault, Minister of Environment and Climate Change, and Member of Parliament for Laurier?Sainte-Marie, alongside Soraya Martinez Ferrada, Parliamentary Secretary to the Minister of Housing and Diversity and Inclusion and Member of Parliament for Hochelaga announced a $69 million financial commitment from the federal government for a portfolio agreement under the National Housing Co-Investment Fund (NHCF) with the City of Montréal and the SHDM. By the end of 2028, the City of Montreal will be providing $4.6 million to $12.6 million. This agreement will upgrade and extend the lifespan of the over 4,700 units in the city, while improving tenant health, safety, comfort, and overall quality of life of the tenants.

The federal representatives were joined by Mr. Benoit Dorais, Vice-President of the Executive committee of the City of Montreal, responsible for housing, real estate strategy and legal affairs and Johanne Brunet, Chair of the SHDM Board of Directors.

The SHDM's objective is to contribute to the economic and social development of the City of Montréal through the development of residential, institutional, industrial, commercial and cultural real estate in the territory of the city. It contributes to the maintenance and creation of affordable and sustainable living environments through responsible management of its housing stock.

The federal funding is being delivered through CMHC's National Housing Co-Investment Fund (NHCF), which supports new and revitalization construction of mixed-income, mixed-tenure, and mixed-use affordable housing.

"Today's announcement will support Montrealers by addressing their needs and help create new jobs across the city and stimulate the economy, while improving the quality of life of Canadians." ? The Honourable Ahmed Hussen, Minister of Housing and Diversity and Inclusion

"Canadians' homes and buildings must enable them to live in a safe, dignified and affordable way. Renovating our homes to make them more comfortable and efficient helps make better use of our energy resources and will result in savings on electricity bills. This is an important step towards a fairer, greener society where everyone can have a decent place to live." ? The Honourable Steven Guilbeault, Member of Parliament for Laurier?Sainte-Marie and Minister of Environment and Climate Change

"Today's announcement will have a significant impact on thousands of tenants through much-needed renovations and aims to extend the life of more than 4700 community housing units. This $69-million investment is made possible through the partnership between the federal government, the City of Montreal, and the Société d'habitation et de développement de Montréal, which addresses critical housing needs in the city." ? Soraya Martinez Ferrada, Member of Parliament for Hochelaga, and Parliamentary Secretary to the Minister of Housing and Diversity and Inclusion (Housing)

"We are committed to working with Montrealers on all fronts to ensure that all Montrealers have a decent place to call home. Today's joint announcement reaffirms that commitment. With this major funding from CMHC and the City of Montreal, we are enabling the SHDM to maintain, renovate, improve energy performance and preserve the affordability of its housing stock. This collaborative and innovative approach is a perfect example of the leverage we want to leverage as part of the Chantier Montréal abordable to preserve as many affordable housing units as possible." ? Benoit Dorais, Vice Chair of the Executive Committee and responsible for Housing, Real Estate Strategy and Legal Affairs 

"These investments are part of the SHDM's renovation strategy to improve the safety and quality of life of tenants, in keeping with our values of affordability, accessibility and sustainable development. This agreement will allow MMHS to complete $92 million of work over eight years on all of our residential buildings, while maintaining affordable rents." ? Johanne Brunet, Chair of the SHDM Board of Directors

• The National Housing Co-Investment Fund (NHCF) is a program that provides low-interest and forgivable loans for the creation of affordable housing and the repair and renewal of existing affordable and community housing.
• FNCIL prioritizes affordable housing for those who need it most: women and children fleeing domestic violence, seniors, Aboriginal people, people with disabilities, people with mental health or addiction problems, veterans, young adults, newcomers and people experiencing homelessness.
• With a budget of $13.2 billion over 10 years, the NHCF will:
• create 60,000 units and repair and renew 240,000 affordable and community housing units
• create or repair at least 4,000 shelter beds;
• create at least 7,000 units of affordable housing for seniors;
• create at least 2,400 units of affordable housing for people with disabilities.
• Budget 2022 proposes to advance $2.9 billion in NHCF funding to accelerate the creation of up to 4,300 units and the repair of up to 17,800 units.

• 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, please visit cmhc.ca or follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.

SOURCE Canada Mortgage and Housing Corporation