FEDERAL AND PROVINCIAL GOVERNMENTS HELPING BUILD NEW HOMES IN CORNWALL

CORNWALL, PE, Feb. 10, 2025 /CNW/ - Today, the governments of Canada and Prince Edward Island announced over $16 million to build 46 new homes in Cornwall. This investment is part of the federal government's broader commitment through the Affordable Housing Fund (AHF) which the Government of Canada has committed $10.34 billion to support the creation of over 40,000 units and the repair of over 166,000 units across Canada.

The announcement was made by Heath MacDonald, Member of Parliament for Malpeque, on behalf of the Honourable Nathaniel Erskine-Smith, Minister of Housing, Infrastructure and Communities, the Honourable Mark McLane, Prince Edward Island  Minister of Health and Wellness and Member of the Legislative Assembly for Cornwall-Meadowbank, on behalf of the Honourable Steven Myers, Prince Edward Island Minister of Housing, Land and Communities, and Her Worship Minerva McCourt, Mayor of the Town of Cornwall. 

The Martha Village, located at 4555 Warren Grove, will include a balance of 2-bedroom and 3-bedroom units, creating new supply and meeting the market's demand for larger family housing. Of the 46 units, 19 will also be affordable for Islanders on the provinces social housing registry, further addressing need in the community.

Funding for this project is as follows:

• $13,446,000 through the National Housing Strategy's Affordable Housing Fund
• $3,000,000 through the Province of Prince Edward Island
• $500,000 in contributions from the Town of Cornwall
• $225,000 from Kings Square Affordable Housing Corporation
• $800,000 in contributions from Sisters of Saint-Martha

Quotes:  

"Today's announcement is a great example of what can be accomplished by collaboration between orders of government, private sector, and community partners. Cornwall is PEI's fastest growing municipality, and today's announcement, through the Affordable Housing Fund, will help build much-needed affordable housing in our community." — Heath MacDonald, Member of Parliament for Malpeque on behalf of the Honourable Nathaniel Erskine-Smith, Minister of Housing, Infrastructure and Communities

Cornwall is one of the fastest growing municipalities in the country and this funding from all levels of government and partners is an important step to increase both the availability and affordability of housing for our residents. Through our provincial housing strategy, we will continue working with all partners to create a variety of housing solutions that meet the current and future needs of our province. — The Honourable Mark McLane, Minister of Health and Wellness and Member of the Legislative Assembly for Cornwall-Meadowbank, on behalf of the Honourable Steven Myers, Minister of Housing, Land and Communities

''The Town of Cornwall is proud to be a part of this truly collaborative initiative that sees 46 fully affordable units to help address the strong housing needs of Islanders. Thank you to all partners that made it possible. King's Square Housing, Sisters of Saint Martha, Federal, Provincial and Municipal governments'' — Minerva McCourt, Mayor, Town of Cornwall

"Our 46-unit project, "Martha Village", is the 8th project completed by our Non-Profit board. Since our beginning in 1984, we are proud to report that we have provided quality and affordable housing for over 300 families on PEI. We are proud of our achievement to date, which includes assisting many groups on the housing spectrum. Our latest 60-unit project includes an outreach center run by the Sisters of Saint Martha known locally as "The Living Well" where we provide social and counseling services including seminars on topical issues to tenants and the surrounding community. Our key to success is our ability to collaborate effectively with all levels of government and private donors."  — J.W Bill Campbell, President and founding member of Kings Square Affordable Housing Corporation

Quick facts:  

• Through the Affordable Housing Fund (AHF), Martha Village received $3,450,000 as a forgivable loan and $9,996,000 in a repayable loan.
• The AHF provides funding through low-interest and/or forgivable loans or contributions to partner organizations for new affordable housing and the renovation and repair of existing, affordable and community housing. This is a $14.6 billion program under the National Housing Strategy (NHS) that 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 September 2024, the Government of Canada has committed $10.34 billion to support the creation of over 40,000 units and the repair of over 166,000 units through the Affordable Housing Fund.
• Budget 2024 announced enhancements to the AHF which includes the program being extended from 2025-26 to 2028-2029.
• The existing New Construction Stream is now divided into two dedicated sub-streams:
• a Rapid Housing Sub-Stream for the creation of shelters, supportive and transitional housing for those in greatest need, and a dedicated Community Housing Sub-Stream to support affordable and mixed-market housing where there are both affordable and market rent units in a project. 
• The Repair and Renewal Stream has replaced minimum requirements with an approach where projects supporting accessibility and energy efficiency will be prioritized. Applications including these enhancements opened on November 22.
• Through the Province of Prince Edward Island'sAffordable Housing Development Program, Kings Square Affordable Housing Corporation received $1,000,000 as a forgivable loan and a 25-year lease agreement for 19 affordable housing units at a total cost of $7,575,000. Additionally, Finance PEI provided $2 million in bridge financing.

Related links:  

• 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.
• Progress on programs and initiatives are updated quarterly on the Housing, Infrastructure and Communities Canada (HICC) website. The Housing Funding Initiatives Map shows affordable housing projects that have been developed.

SOURCE Canada Mortgage and Housing Corporation (CMHC)