62 “Priday: Api 28, 196d'- Noth Shore News

AL ESTATE

New program creating jobs

THE HOUSING measures
in the recent federal budget
will help house thousands of
Jow-income Canadians
while creating thousands of
jobs, said the Honourable
David C. Dingwall, Minister
responsible for Canada
Mortgage and Housing
Corporation (CMHC),
Approximately $100 mil-
lion for the Residential
Rehabilitation Assistance
Program will help needy
households bring their
homes up te health and safe-
ty stundards, improve their
living conditions and create
thousands of jobs across

OFFICE:
HOME:

5, Gig?

Canada, directly or indirect-
ly.

The federal government
will also maintain the $2.1
billion annual subsidy assis-
tance to more than 652,000
households across Canada

“Federal housing assis-
tance is more than just sub-
sidies,” Dingwall said. “It
helps people get back on
their feet, helps put a roof
over their head and helps
them play a real part in the
economy by making it pos-
sible to have a safe, afford-
able place to call home.”

Each year, about 69,000
houscholds leave govern-

TOM

ment-assisted housing and
enter the private housing
market. This amounts to
about 10.6% of all federally
subsidized housiag units in
Canada. The annual
turnover rate then frees up
assisted units to help house
other needy households.

CMHC's First Home
Loan Insurance Program, in
place until 1999, reduces
the minimum downpayment
to 5% for first-time home-
buyers. It is estimated that
up to 100.000 people will
take advantage of the pro-
gram in 1994, creating
31,000 jobs,

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