Speaking notes for

Dean Del Mastro, Member of Parliament for Peterborough

On behalf of

The Honourable Diane Finley, Minister of Human Resources and Social Development

Opening Event for River Ridge and Start of Renovation Ceremony for Canadian Woollens

900 Dutton Road
Peterborough, ON
July 27, 2006
11 a.m.

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Good morning. Bonjour.

I am pleased to join you on behalf of my colleague, the Honourable Diane Finley, Minister of Human Resources and Social Development — and the Minister Responsible for Canada Mortgage and Housing Corporation. Today, we are here to celebrate the opening of RiverRidge and the start of renovations for the Canadian Woollens housing project.

The strength of Canada is the strength of our communities. That's why the federal government is continuing to provide support for projects like these ones. Just over two years ago, our city was devastated by massive flooding. But we emerged from it and today’s opening ceremony of the River Ridge affordable housing project is a testament to the collective strength of this community. River Ridge will provide 40 units of affordable housing for flood victims.

Also, when Canadian Woollens is complete, four units of affordable housing for single people will be added to the housing stock here in Peterborough.

Canada’s new government is very proud to be working in close cooperation with the Province of Ontario to fund these projects, through federal funding of $1 million for River Ridge and $70,000 for Canadian Woollens under the Canada – Ontario Affordable Housing Agreement.

In addition, I am pleased to inform you that the River Ridge project has been approved for CMHC mortgage loan insurance. With CMHC’s mortgage loan insurance, the project benefits from a larger mortgage loan at a lower interest rate than would be possible without insurance. And, because this is an affordable housing project, CMHC has waived the insurance premium that would normally be charged.

Through CMHC, our national housing agency for more than 60 years, the federal government provides approximately $2 billion a year in housing assistance across the country. This primarily supports some 633,000 lower-income households. For the people of Ontario, this represents a total of about $705.5 million annually — in support of about 237,000 lower-income households.

My government believes that all Canadians should have a fair chance to own or rent their own home. That’s why our 2006 federal Budget also provided a one-time strategic investment of $1.4 billion in new housing trust funds for provinces and territories to invest in affordable housing.

Today's event marks an important step forward for the people of Peterborough and demonstrates what we can achieve when we work together. When it comes to building communities, it takes the efforts of many to achieve success. It takes partnerships at all levels of government. And it also takes creative and innovative people with a vision.

Thank you to everyone involved in these projects especially the Peterborough Housing Corporation and David and Michelle Johnston. You are helping people in this community get back on their feet by providing them with affordable places to live. I applaud your efforts and wish you all the best.

Thank you for joining us today. Merci.