"The Government of Canada is committed to making affordable housing available in British Columbia and across Canada for those who need it most," said MP John Weston, West Vancouver - Sunshine Coast - Sea to Sky Country, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development Canada and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC). "Today's launch provides Squamish seniors with quality and affordable rental housing that meets their needs."

"Seniors need affordable rental housing options so they can continue living in the communities they call home," said Joan McIntyre, MLA for West Vancouver - Sea to Sky. "Through this partnership with the federal government, we're increasing the supply of affordable rental housing for low-income seniors and people with disabilities in Squamish and across the province while stimulating local economies."

For this new seniors project, the Government of Canada and the Province of British Columbia are contributing $4.35 million for 30 affordable housing units to Squamish Riverstones Developments Ltd. The project as a whole is also receiving financing in the form of a $7.8-million CMHC insured mortgage and interim construction financing provided by the Province.

In addition, the District of Squamish will amend its bylaw to waive development cost charges and will not require off-site and frontage servicing costs, which are, in total, valued at approximately $521,000. This will reduce the overall capital cost, making the project possible.

"Our community will benefit from this much-needed rental housing for our seniors, the accessibility-challenged and families. We will also benefit from the jobs that will be created from construction," said Greg Gardner, mayor of the District of Squamish. "We recognize the value of partnerships in creating affordable rental housing and believe partnerships are even more important when creating housing in a rapidly growing community like Squamish."

Sea to Sky Community Services Society (SSCSS) will operate the 30 units through an agreement with the Province, with the remaining 54 units being leased from the developer for 40 years.

"Through the operation of this housing development, our role in the Squamish community will continue to expand and grow," said Shawn Jones, president of SSCSS. "We're pleased that we will be able to support and assist Squamish seniors and people with disabilities and make a difference in their lives."

Bethel Lands Corporation, a local developer, through Squamish Riverstones Development Ltd., is providing developer cost reduction valued at approximately $1.4 million.

"This development is breaking ground today because of the power of partnerships," said Michael Hutchison, president, Bethel Lands Corporation. "We need to acknowledge the hard work and effort of our federal, provincial and municipal leaders and of the community of Squamish in making this development a reality."

The development is part of an overall $14-billion capital infrastructure program supported by the Province that will create up to 88,000 jobs and help build vital public infrastructure in every region of the province.

Through Housing Matters BC, the Province is addressing a range of housing needs, from homelessness to affordable rental housing and homeownership. In 2009, the provincial housing budget is $469 million, more than four times as much as in 2001.

Last fall, the Government of Canada committed more than $1.9 billion
over the next five years to improve and build new affordable housing
and help the homeless. Canada's Economic Action Plan builds on this
with an additional one-time investment of more than $2 billion over two
years in new and existing social housing and lending of up to another
$2 billion to municipalities for housing-related infrastructure.