Start of Construction for Niagara Falls Masonry Contractors Ltd. Project

July 26, 2006

Welland, Ontario
Check Against Delivery

Introduction

Good morning. Bonjour.

I am pleased to join you on behalf of my colleague, the Honourable Diane Finley, Minister of Human Resources and Social Development – and the Minister Responsible for Canada Mortgage and Housing Corporation.

Today, we are here to celebrate the start of construction for Niagara Falls Masonry Contractors Ltd.’s affordable housing development.

Canada’s Communities

The strength of Canada is the strength of our communities. That's why the federal government is providing support for projects like this one.

When completed, this seven-storey building will provide 44 units of affordable housing for single people, seniors and families.

And, since tenants will be drawn from Niagara Regional Housing's waiting list, this project will help ease some of the housing challenges facing this community.

Our Commitment

Canada’s New Government is very proud to be working in close cooperation with the Province of Ontario to fund this project, through federal funding of $975,000 under the Canada-Ontario Affordable Housing Agreement.

In addition, I am pleased to inform you that CMHC mortgage loan insurance facilitated the financing of this project.

With CMHC’s mortgage loan insurance, the project benefits from a larger mortgage loan at a lower interest rate than would be possible without insurance.

And, because this is an affordable housing project, CMHC has waived the insurance premium that would normally be charged.

CMHC

Through CMHC, our national housing agency for more than 60 years, the federal government provides approximately $2-billion a year in housing assistance across the country.

This primarily supports some 633,000 lower-income households.

For the people of Ontario, this represents a total of about $705 million annually – in support of about 237,000 lower-income households.

Federal Budget 2006

My government believes that all Canadians should have a fair chance to own or rent their own home.

That’s why our 2006 federal Budget also provided a one-time strategic investment of $1.4 billion in new housing trust funds for provinces and territories to invest in affordable housing.

Today's event marks an important step forward for the people of Welland and demonstrates what we can achieve when we work together.

When it comes to building communities, it takes the efforts of many to achieve success.

It takes partnerships at all levels of government. And it also takes creative and innovative people with a vision.

Conclusion

Thank you to all those involved in this project, especially Niagara Falls Masonry Contractors Ltd.

I know you have been waiting to get this project off the ground and I am happy to see that things are moving forward.

By increasing the supply of affordable housing, you will be enhancing the quality of life for the people of this community.

I would also like to commend Niagara Regional Housing for your hard work and contributions to the delivery and management of affordable housing across the Niagara Region.

I applaud your efforts and wish you all the best.

Thank you for joining us today. Merci.