Funding to renew the region's much-needed affordable housing supply
The federal government has pledged renewed housing supply for the Northwest Territories, with a new $9.05-million investment to renovate a collection of 50 townhouses in Yellowknife.
“The project, located at 2000 Finlayson Drive, will renovate buildings in the Borealis Housing Cooperative,” the Canada Mortgage and Housing Corporation said. “Established in 1983, the cooperative has operated for more than 35 years, offering significantly below-market housing to the people of Yellowknife.”
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“These funds will help the co-op finance needed updates to our homes, greatly improve energy efficiency, and ensure our members and community continue to have safe and affordable housing well into the future,” said Keith Deans, president of Borealis Cooperative. “We thank CMHC for working with us to arrange this funding, and the Northwest Territories Housing Cooperation for their contribution and support.”
This tranche is on top of the $60-million funding set aside by the federal government in March 2021 to address housing needs and challenges in the Northwest Territories.
“This critical funding is currently being rolled out to offset high construction costs caused by the unique building challenges faced in the north and are designated for initiatives that serve those most at-risk, including women and their children, people with disabilities, and seniors,” CMHC said.
