RIVERBANK AFFORDABLE HOUSING PROJECT TO BENEFIT PRINCE ALBERT FAMILIES

There is more affordable housing for families in Prince Albert, thanks to a federal, provincial and municipal funding arrangement involving the Centenary Affordable Housing Program (CAHP) and the Government of Canada's National Homelessness Initiative. The $1,065,000 Riverbank project was officially opened today.

Located in the West Flats area of Prince Albert, the Riverbank project consists of ten affordable rental units which are available for low-income families. The units are located close to primary and secondary schools and other community amenities, and meet energy efficiency standards under CAHP.

The project will be run by Riverbank Development Corporation, a non-profit corporation that has been operating in Prince Albert since 1998. Its mandate is to provide social and economic development in Prince Albert's low-income community.

"Canada's New Government is working to ensure funding is available for projects like this one, to address the challenges of housing and homelessness in communities across the country," MP for Prince Albert, Brian Fitzpatrick said on behalf of the Honourable Monte Solberg, Minister of Human Resources and Social Development, said. "Today, I am pleased to help celebrate this project that will make an important difference in the lives of low-income families who are homeless or at risk of becoming homeless."

"Today's opening ceremony is a tangible demonstration of the significant support of all three levels of government and community partners to ensure affordable housing for the people of Saskatchewan," Highways and Transportation Minister Eldon Lautermilch said on behalf of  Community Resources Minister Buckley Belanger. "The Riverbank project is the latest in a series of housing projects tailored to make life better for Saskatchewan families, to enhance their opportunities, and to address the unique needs of individual Saskatchewan communities."

"On behalf of City Council and the citizens of Prince Albert, I would like to thank our federal and provincial partners for working together to make this important housing project a reality," Prince Albert Mayor Jim Scarrow said.  "The Riverbank Project is a tremendous initiative that will have a very positive social and economic impact on Prince Albert, and will provide many families with access to affordable housing in our city." 

The Riverbank project was approved under the Centenary Affordable Housing Program for $500,000. The breakdown of the CAHP contribution is as follows:  $250,000 from Canada Mortgage and Housing Corporation; $200,000 from Saskatchewan Housing Corporation; and $50,000 from the City of Prince Albert.  The funding balance was provided through a partnership with the Government of Canada's National Homelessness Initiative ($465,000) and by Riverbank Development Corporation ($100,000) in the form of mortgage financing.

CAHP is funded under the Canada-Saskatchewan Affordable Housing Agreement. It provides approximately $33 million in federal funding for affordable housing, matched by Saskatchewan, municipalities and other partners. With these matching contributions, a total of over $66 million have been committed since 2001 for the development of more than 1,300 affordable housing units.

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