SUPPORT FOR AFFORDABLE HOUSING IN PRINCE ALBERT

Ten more families in Prince Albert will be able to build independence through home ownership, following the announcement today of a new funding commitment of up to $250,000 from Saskatchewan Housing Corporation and the City of Prince Albert under the Neighbourhood Home Ownership Program (NHOP).

Established in 1998, the program helps modest-income Saskatchewan families acquire adequate, suitable, affordable homes in inner-city neighbourhoods. Qualifying families form co-operatives to purchase the homes, with the province and the city providing funding through a forgivable equity loan. After five years as a co-operative member, families may assume ownership of their home from the co-op.

"NHOP is a prime example of how the province partners with communities to build independence and ensure adequate, suitable and affordable housing for the people of Saskatchewan," Social Services Minister Glenn Hagel said. "Saskatchewan Housing Corporation is pleased to assist in the purchase of 10 more homes under the housing program in Prince Albert, which will help build a wide open future for the people of this city."

The newly-announced funding includes a commitment from the City of Prince Albert to fund 20 per cent of the grants issued. The non-profit River Bank Development Corporation has assumed responsibility for developing the new housing co-operative. River Bank has a successful track record in establishing and managing NHOP co-operatives in Prince Albert.

"The City of Prince Albert has actively supported NHOP since its inception, helping to put 44 families on the path to home ownership in our community," Prince Albert Mayor Don Cody said. "We are pleased to continue our partnership with the province and with the River Bank Development Corporation in supporting such a worthy initiative. It is initiatives like this that make our community a much better place in which to live and raise families."

"The NHOP program is a valuable resource for families in Prince Albert," Manager of the River Bank Development Corporation Brian Howell said. "We look forward to working with the city and the province to develop a new housing co-operative in our community."

To date, more than 200 homes have been purchased across Saskatchewan under the Neighbourhood Home Ownership Program, helping to rejuvenate inner-city neighbourhoods in Regina, Saskatoon, Moose Jaw and Prince Albert.

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For More Information, Contact:

Carol Todd Social Services Regina Phone: (306)787-0916