Governments of Canada and Saskatchewan Invest in Affordable Housing in Regina

REGINA, SASKATCHEWAN--(Marketwired - Dec. 16, 2014) - The Government of Canada and the Province of Saskatchewan, along with Silver Sage Holdings Ltd., announced today the start of construction of a new rental housing development. The project will consist of 26 units located at what will be known as the Silver Sage Elder's Lodge in Regina. The Honourable Candice Bergen, Minister of State (Social Development), along with the Honourable Donna Harpauer, Minister of Social Services and Minister responsible for Saskatchewan Housing Corporation, made the announcement.

"Projects like this one are concrete examples of governments working alongside community partners to find solutions to housing needs," said Minister Bergen. "When completed, this lodge will give individuals in Regina, including seniors, more housing options. Our Government is proud to have contributed to this project."

"Our government continues to work with partners to create safe and affordable homes for Saskatchewan seniors with low incomes," said Minister Harpauer. "The development of affordable homes like the Silver Sage Elder's Lodge ensures a better quality of life for Saskatchewan people. Improving housing availability and affordability is an important component of Saskatchewan's Plan for Growth. We are proud to work with the Government of Canada and Silver Sage Holdings Ltd., to put this commitment in action."

"We are excited and proud that the project is underway," said Silver Sage President & CEO Maynard Sonntag. "This has been years in the planning by our First Nations leaders and may, in fact, be the first of its kind in Regina. It speaks to our organization's vision to provide safe and secure, quality housing for our Elders."

The approximate total cost of the project is $7.05 million. The federal and provincial governments are jointly contributing $2 million under the Canada-Saskatchewan Investment in Affordable Housing 2011-2014 Agreement. The funding balance of approximately $5.05 million will be provided by Silver Sage Holdings Ltd. through mortgage financing and cash equity. The City of Regina will be contributing $390,000 for the project as part of their Capital Housing Incentive.

The Silver Sage Elder's Lodge project consists of 26 units. The Government of Canada and Province of Saskatchewan's funding will go toward 16 one-bedroom units, each approximately 707 square feet (65 square metres). The remaining 10 units, fully funded by Silver Sage Holdings Ltd., will be two-bedroom units and each of these units will be approximately 856 square feet (79 square metres). The building will be located near amenities and services, with access to transportation.

This funding comes as a result of the $55 million Canada-Saskatchewan Investment in Affordable Housing (IAH) 2011-2014 Agreement. Under the agreement, the Province of Saskatchewan will use the funds to create new and renovate existing affordable housing for households in need.

Annually, the Government of Canada, through Canada Mortgage and Housing Corporation (CMHC), will invest approximately $2 billion in housing. These investments improve the quality of life for low-income Canadians and households living in existing social housing, including individuals who are homeless or at risk of homelessness, seniors, persons with disabilities, recent immigrants and Aboriginal people. Economic Action Plan 2013 continued this commitment with a federal investment of more than $1.25 billion over five years to renew the Investment in Affordable Housing to 2019. The Government of Canada will ensure that funds provided to provinces and territories support the use of apprentices, which will support training of skilled labour.

In October 2012, the Government of Saskatchewan released the Saskatchewan Plan for Growth: Vision 2020 and Beyond, which sets out the Government's vision for a province of 1.2 million people by 2020. The Plan identifies principles, goals and actions to ensure Saskatchewan is capturing the opportunities and meeting the challenges of a growing province. Since 2007, the Government of Saskatchewan has invested over $520 million to develop and repair more than 11,600 homes around the province.

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