One hundred and thirty-one new units, including eight barrier-free units, will provide modern, affordable and much-needed housing in a community with a zero per cent vacancy rate.
The Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), along with Cam Westhead, MLA for Banff-Cochrane, on behalf Lori Sigurdson, Minister of Seniors and Housing, and Greg Danchuk, Visitor Experience Manager of Banff National Park for Parks Canada, on behalf of the Honourable Catherine McKenna, Minister of Environment and Climate Change and Minister responsible for Parks Canada, joined the Town of Banff at the celebration today.
“Everyone should have access to a safe and affordable home. I know there is a critical need for affordable housing in Banff and am proud of our government’s investment in this innovative project. I know it will benefit the community for years to come.”
“Our government invests in affordable housing projects like Ti’nu to help create jobs and improve the quality of life for families who need it most. This beautiful new, affordable apartment complex will help many hard-working families and individuals in Banff access safe and affordable housing that meets their needs. This is truly a fantastic community achievement for everyone involved.”
“This is a life-changing project for many and was made possible because the town, the province and the federal government partnered to deliver much-needed affordable housing. It is incredibly rewarding to know the many people, from various stages in life, who now live in Ti’nu, can comfortably stay in Banff and contribute to our community while settled in the place they call home.”
- The Government of Alberta, with support from CMHC, provided an $11.9-million investment for this project, under the Investment in Affordable Housing 2014-2019 Agreement.
- The Town of Banff also contributed $11.9 million toward this project.
- Parks Canada provided the land to the Town of Banff at a considerable discount.
- Banff has had a zero per cent vacancy rate for more than three years.
- The 2013 Banff Housing Needs Study reported that 61 per cent of households were paying 30 per cent or more of their gross income on housing, while 28 per cent were paying 40 per cent or more.
- The Banff Housing Corporation, a non-profit organization wholly owned subsidiary of the Town of Banff, will manage the Ti’nu affordable apartment complex.
- The Government of Canada is currently rolling out its National Housing Strategy (NHS) – a 10-year, $40-billion plan that will create 100,000 new housing units and lift 530,000 families out of housing need, as well as repair and renew more than 300,000 housing units and reduce chronic homelessness by 50 per cent.
- The NHS is built on strong partnerships between federal, provincial and territorial governments, and on continuous engagement with others, including municipalities, Indigenous governments and organizations, and the social and private sectors to make a meaningful difference in the lives of Canadians.
The Alberta Ministry of Seniors and Housing fosters the development of affordable housing and supports access to housing options for Albertans most in need. The Alberta government is investing $1.2 billion for affordable housing capital needs. To achieve these outcomes, the ministry works with seniors, Albertans who require housing supports, their families and caregivers, communities and other government partners. A more detailed description of the ministry and its programs and initiatives is found at www.seniors-housing.gov.ab.ca.
As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry. For more information, please visit cmhc.ca or follow them on Twitter, YouTube, LinkedIn and Facebook.
To find out more about the National Housing Strategy, visit www.placetocallhome.ca.
Editor's Note: This news release was also issued by the Canadian Mortgage and Housing Corporation on Oct. 17, 2018.