For immediate release
June 22, 2006

Ontario Mortgage and Housing Initiative Established
McGuinty Government On The Side Of Affordable Housing Providers

QUEEN’S PARK — The McGuinty government is establishing the Ontario Mortgage and Housing Initiative to provide competitive financing rates for non-profit, co-operative and commercial developers that want to build affordable housing in the province.

“Our government is fulfilling its commitment to help providers of affordable housing obtain access to lower-cost financing,” said Minister of Municipal Affairs and Housing John Gerretsen.

M.P.P. York West Mario Sergio Stated, “The program will create up to 15,000 units of affordable housing and provide housing allowances for some 5,000 lower-income families in Ontario. Also, the program provides units for vulnerable Ontarians such as victims of domestic violence, persons with mental illness, families on social assistance and the working poor. This is much needed good news”

The Ontario Mortgage and Housing Initiative will provide housing proponents with access to lower-cost, longer-term financing for affordable rental housing for both construction financing and long-term mortgages.

The ministry will develop a Roster of Qualified Lenders, containing up to three financial institutions, to make financing available to proponents under the Affordable Housing Program. Reputable financial institutions with operations in Ontario will be invited to bid on becoming a qualified lender for the program.

The OMHI will also include a web-based Resource Centre that will provide one-window access for proponents to obtain information and expertise critical to the successful development of affordable housing. To facilitate access to expertise, a Roster of Project Facilitators, such as lawyers, architects and housing consultants, will be established.

The Canada-Ontario Affordable Housing Program is the largest such program in Canadian history. In total, the federal, provincial and municipal governments will invest at least $734 million in the program to provide increased access to affordable housing for 20,000 households.

Contact;
Mario Sergio, M.P.P
York West
Tel: 416-585-7007