Saturday, April 08, 2006

Affordable Homeownership Project Begins Construction

The Government of Canada, the Government of Ontario and development company, The Daniels Corporation, held a ceremony today to mark the start of construction of an affordable housing development - WAVE Lakeshore West.

The partnership between the federal and provincial governments and The Daniels Corporation will build 178 affordable condominium units in Toronto for sale to low-to-moderate income households. The Honourable John Gerretsen, Minister of Municipal Affairs and Housing,
Dino Chiesa, Chairman of the Board, Canada Mortgage and Housing Corporation, and Mitchell Cohen, President of The Daniels Corporation, attended the ceremony.

The project will receive $1.61 million from the federal and provincial governments under the Canada-Ontario Affordable Housing Program (AHP) to build studio and one and two bedroom condominiums. The Daniels Corporation will offer the units below the average market-selling price to low-to-moderate income households under its 'Triple 5' Downpayment Assistance Program. Under the program, qualified purchasers with a 5 per cent down payment will receive an additional 5 per cent loan from The Daniels Corporation. A further 5 per cent grant, which would be payment free for 20 years, would be available under the Canada-Ontario Affordable Housing Program, subject to certain conditions.

"The McGuinty government understands the need for a broad range of housing options to meet the diverse needs of Ontarians, in order to build strong communities," said Gerretsen. "By partnering with The Daniels Corporation in the 'Triple 5' program, we can assist lower and moderate-income residents get a foothold in the housing market while at the same time helping
to alleviate some of the demand for affordable rental housing in Toronto."

"This partnership clearly demonstrates how federal and provincial governments and the private sector can work innovatively and effectively to make affordable housing a reality" said Chiesa. "In addition to receiving funding under the Affordable Housing Program, this project will benefit from CMHC loan insurance for a 35 year amortization period. This will improve access so families with lower incomes can realize their dream of home ownership."

Cohen said: "Daniels is committed to helping as many people as possible realize the dream of home ownership. The 'Triple 5' Program offers a leg-up on that dream for people who might not otherwise be able to take that important step in their lives. In addition, the program will free up rental units, which will help to address the need for affordable rental accommodations in Toronto. This is a win-win situation for all."

The new Canada-Ontario Affordable Housing Agreement, signed April 29, 2005, includes a commitment of $301 million from each of the two levels of government. The agreement brings the total amount invested in affordable housing in Ontario by the federal, provincial and municipal governments to at least $734 million over the life of the program. This will mean assistance to some 20,000 households in total under the Affordable Housing Agreement.


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