$500,000 TO SUPPORT AFFORDABLE HOUSING IN SASKATOON

Twenty more families in Saskatoon will be able to build independence through home ownership, following the announcement today of funding of up to $500,000 from the provincial and federal government and the City of Saskatoon under the Neighbourhood Home Ownership Program (NHOP).

Established in 1998, NHOP helps modest-income families acquire adequate and affordable homes in inner-city neighbourhoods. Qualifying families form co-operatives to purchase the homes, with the federal and provincial governments 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 and affordable housing for the people of Saskatchewan," Saskatoon Idylwyld MLA David Forbes said on behalf of Community Resources and Employment Minister Glenn Hagel. "The provincial government, through the Saskatchewan Housing Corporation, is pleased to assist with purchasing 20 more homes in Saskatoon, which will help ensure a wide open future for the people of this city."

The program includes a commitment from the City of Saskatoon to provide 20 per cent of the funding issued. The Quint Development Corporation has assumed responsibility to work with the families to acquire and renovate their homes.

"The City of Saskatoon has actively supported NHOP since its inception, helping to put 105 families on the path to home ownership in our community," Saskatoon Mayor Jim Maddin said. "We are pleased to continue our partnership with the federal and provincial governments and Quint 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."

"Thanks to the NHOP program 20 more families in Saskatoon are realizing their dream to own their own home. It is proof that communities joining together in partnership with different levels of government can help build safer, more vibrant neighbourhoods," Quint Chairperson Jacqui Barclay said.

"NHOP is a family housing program that creates home ownership," Canada Mortgage and Housing Corporation (CMHC) Corporate Representative Daniel Messette said. "CHMC thrives on making life better for all Canadian citizens and is pleased to, once again, participate in housing Saskatchewan families."

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

-30-

For More Information, Contact:

Herman Hulshof Community Resources and Employment Regina Phone: (306)787-0916