On October 13th, the details for two new affordable housing projects have been announced; these projects will see approximately $2.8 million invested into Saskatoon and a total of 12 homes built for low income families, including persons living with disabilities.
The funding for these two projects has been made available through Canada’s Economic Action Plan, the federal government’s plan to stimulate the economy and create jobs during the global recession.
The federal and provincial governments are contributing equally to the $132 million investment under the amended Canada – Saskatchewan Affordable Housing Program Agreement.
Persons with disabilities often have difficulty finding housing that meets their specific needs; Canada’s Economic Action Plan will be providing $75 million over two years to build new rental housing for persons with disabilities.
Overall the Economic Action Plan includes more than $2 billion for new and existing social housing; there is also up to $2 billion in loans to municipalities for housing related infrastructure.
This initiative will help the people in Saskatoon by giving access to suitable, affordable housing that meets their needs.
The city of Saskatoon has created a new Rental Rebate program with the goal of seeing 1,000 new rental units constructed across the city.
The first of the two projects will consist of two three-bedroom semi detached homes, for a total of 4 units. Each unit will be wheelchair accessible and feature wider doorways, ramps, wheel-in showers, lower counters and light switch heights.
The estimated costs will be $1.1 million, of which $601,000 is funded under the amendment to the Canada – Saskatchewan Affordable Housing Agreement. There will be an additional $110,000 coming from the City of Saskatoon. A private incorporation known as DH2 will be providing approximately $400,000 in land and financing for the construction of the project. The completion date is expected to be March 2010.
The second project, Bedford Road, will consist of two three-bedroom four-plexes for a total of 8 units.
Dunging is provided as a result of the two year extension of the Affordable Housing Initiative (AHI); the estimated total costs are $2.1 million, with $1.9 million being provided through the amended Canada – Saskatchewan Affordable Housing Program Agreement. The balance will be coming from the City of Saskatoon. North Ride Development Corporation will act as the project contractor. Completion is expected to be in the summer of 2010.
Heleen Jacobsen
Broker of Record with InfoMarket Group GMAC Real Estate
www.infomarketgroup.com
