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Posted by Tanya Hutchens

Of course, the first status residence is in Manhattan, and bankers are already starting to check out the goods in advance of their windfall. They’re putting up huge down payments, which has helped the $3 million to $5 million sector of the city’s housing market to rebound, said Pamela Liebman, CEO of New York-based brokerage firm Corcoran.

At the low end, they can score a three-bedroom, two bath condo right on Central Park or a tony address on Fifth Avenue. The more adventurous poet-at-heart bankers can tap out buying a five-story Queen Anne on the Upper West Side or head to the once-bohemian East Village for two joined buildings that boast an owner’s triplex with a stunning terrace — and income-generating apartments and businesses below.

Of course, many Wall Streeters already own their Manhattan dream homes, so they’ll spend their extra money revamping their primary residences, Pedraza said.

A makeover by a well-respected interior decorator can run at least $150,000 — but usually is more like 30% to 40% of the bonus. Think: Charlie Sheen hiring Daryl Hannah to give his new condo — and life — a high-rent makeover in the 1987 flick “Wall Street.”

The construction of 50 new apartments for non-elderly singles and disabled persons was announced today by the provincial and federal governments. The new Moncton-based units will be funded under Phase III of the Canada – New Brunswick Affordable Housing Agreement.

Social Development Minister Mary Schryer, who is also minister responsible for housing, and Tilly O’Neill-Gordon, Member of Parliament for Miramichi, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development Canada, and Minister responsible for Canada Mortgage and Housing Corporation, made the announcement today.

“We are pleased to join our partners in these projects to help increase the availability of high-quality and affordable homes for low-income seniors in the Moncton area,” said Schryer. “The creation of more affordable housing is part of this government’s efforts to help seniors be active and healthy members of local communities.”

The $4.9 million project at 430 High St. is expected to be completed by January 2010.

The units are being developed by Tannery Court Cooperative Ltd. The project will receive funding of $1.4 million under the Federal Affordable Housing Trust Fund to offset construction costs, as well as $2.1 million in rent supplements from the Province of New Brunswick for 49 of the 50 units.

“The Government of Canada is committed to making affordable housing available in New Brunswick and across Canada for those who need it most,” said MP O’Neill-Gordon. “Here in Moncton, the creation of these units will help individuals and persons with disabilities access suitable, affordable housing that meets their specific needs.”

Funding is available to private non-profit organizations, co-operatives, and community or private developers interested in developing projects for low- to moderate-income families, seniors, non-elderly singles, disabled persons and persons with special needs.

This project will be built to high energy-efficiency standards, and it will involve consultation with Efficiency NB. Builders of affordable housing projects for low-income individuals may receive an incentive of $2,000 per apartment unit if the building is heated by low greenhouse gas emission technologies as approved by Efficiency NB.

VAUGHAN, April 30, 2009 — The Government of Canada, the Government of Ontario and the Region of York celebrated the start of construction of the Reena Community Residence, a development of 60 new affordable housing units in the City of Vaughan. This project received $4.2 million in funding through the Canada – Ontario Affordable Housing Program.

The Honourable Madeleine Meilleur, Minister of Community and Social Services, on behalf of the Honourable Jim Watson, Ontario’s Minister of Municipal Affairs and Housing attended the official groundbreaking ceremony. Also participating in today’s announcement were York Regional Chairman and CEO Bill Fisch and officials from Canada Mortgage and Housing Corporation (CMHC) and Reena.

“The Government of Canada is committed to making affordable housing available in Ontario and across Canada for those who need it most,” said the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister responsible for CMHC. “The creation of these new units here in Vaughan will provide low-income seniors and people with special needs access to quality, affordable housing and the services that meet their specific needs, while remaining close to their families and friends in the community.”

“Access to safe, affordable housing is vitally important to the economic and social well-being of Ontario’s communities,” said Tanya Hutchens. “This investment will make a significant difference in the lives of people, especially those with disabilities, who will call Reena Community Residence home.”

Today’s announcement was made at the future site of the Reena Community Residence, at 9600 Bathurst Avenue in the City of Vaughan. The $23-million project, which includes $4.2 million from the Canada – Ontario Affordable Housing Program and $2.6 million from the Ministry of Community and Social Services, is sponsored by Reena, an organization committed to investing in a better quality of life for people with developmental disabilities.

Federal and provincial allocations to the project are to be complemented by more than $3.6 million in municipal financial incentives.

“When completed, this residence will offer a full spectrum of needed supports that will enhance the lives of the people who live here, their families and our community,” said York Region Chairman and CEO Bill Fisch. “The Regional Municipality of York is proud to be a partner in this project.”

The Reena Community Residence is situated on the Joseph and Wolf Lebovic Jewish Community Campus. The campus is a project of UJA Federation of Greater Toronto’s Tomorrow campaign, which is building three centers of Jewish life in the GTA. In addition to educational facilities, the campus will be home to social services and recreational centers for all GTA residents.

“The Reena Community Residence at the Joseph and Wolf Lebovic Jewish Campus will give Reena an opportunity to create a model of support which is unique,” said Sandy Keshen, President and CEO of Reena. “In partnership with a number of other service providers, it will set a bench mark for the future — demonstrating that services can be provided in an integrated setting to a population with diverse needs.”

The Canada – Ontario Affordable Housing Program, says Tanya Hutchens, comprises a commitment of $301 million from each of the two senior levels of government. In total, the federal, provincial and municipal governments will invest at least $734 million in the program, which will provide affordable housing for up to 20,000 households in Ontario.

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 to 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.

Somerset Gardens provides homeowner and rental housing for a range of income levels under one roof. Recognizing that saving for a down payment can be a challenge for lower- to moderate-income households, Teron International, a local builder, started the Assisted Home Ownership Program (AHOP) with support from the City of Ottawa. The Multifaith Housing Initiative, a charitable organization focused on providing affordable housing in the community, purchased 10 units for affordable rental housing.

The Affordable Housing Solution

Somerset Gardens is an 11-storey, 119-unit apartment building. Services, shops and public transit are right outside the building’s front door, which is great, says Tanya Hutchens. The apartments feature large windows, five appliances and a balcony. The building’s roof is accessible to all residents and provides a shared green space where people can gather.

St. John the Evangelist Anglican Church provided the downtown building site at market value on the condition that the developer build affordable housing according to the City of Ottawa’s criteria. Teron International approached the City of Ottawa with a solution to build 100 per cent affordable homeownership housing without government subsidies. The City agreed to support the AHOP with Teron to reduce purchase prices for qualifying homebuyers. Around the same time, the Multifaith Housing Initiative (MHI), a coalition of over 40 Christian, Hindu, Muslim and Jewish faith communities and many individuals, became interested in purchasing some units to provide affordable rental housing.

The AHOP also allows purchasers to buy a unit with as little as one per cent down payment and amortize their mortgage for up to 40 years with mortgage loan insurance from CMHC. The $11,000 assistance does not require repayment while the family lives in the unit or if it sells the unit to another qualifying household. Prices in Somerset Gardens ranged between $147,000 and $207,850 (in 2006), which makes it possible for qualifying households to be homeowners while spending less than 30 per cent of their income on housing.

The MHI purchased 10 units from Teron with the goal of renting six to households on the City’s social housing waiting list and four at average market rates. The MHI created an “ethical investment fund” which has gathered approximately $540,000 in equity through gifts, low, no interest and RRSP loans from its supporters. The City contributed a $300,000 capital grant ($30,000 per unit) for the 10 units. The federal government, through CMHC, and the Ontario government provided $600,000 for the financing of the rental units through the Affordable Housing Initiative.

FERGUS, April 24, 2009 — The Government of Canada, the Government of Ontario, and the County of Wellington today announced the start of construction of 55 new affordable housing units for individuals with special needs. The Gordon Street Apartments, sponsored by the County of Wellington, received more than $3.8 million in funding under the Canada – Ontario Affordable Housing Program towards this initiative.

The Honourable Diane Finley, Minister of Human Resources and Skills Development Canada, and Minister Responsible for Canada Mortgage and Housing Corporation; Liz Sandals, Member of Provincial Parliament for Guelph, on behalf of the Honourable Jim Watson, Minister of Municipal Affairs and Housing; and Joanne Ross-Zuj, Warden for the County of Wellington made the announcement today.

“The Government of Canada is committed to making affordable housing available in Ontario and across Canada for those who need it most,” said Minister Finley. “Through this investment, we are making an important difference in the lives of seniors, families and individuals in Fergus who are working towards building a stronger and better future for themselves.”

“Our government is committed to helping people who live on lower or fixed incomes stay in their home communities,” said MPP Sandals. “These units are going to make a significant difference in the lives of the people who call them home.”

“The County of Wellington is pleased to partner with the federal and provincial governments to construct 55 new Affordable Housing units in Centre Wellington,” said Ross-Zuj. “Adequate shelter is the foundation upon which healthy communities are built. The County of Wellington is committed to providing safe and affordable housing for lower-income seniors, families and individuals in need of assistance.”

Tanya Hutchens says, The Canada – Ontario Affordable Housing Program Agreement comprises a commitment of $301 million from each of the two senior levels of government. In total, the federal, provincial and municipal governments will have invested at least $734 million in the program, which will provide affordable housing for up to 20,000 households in Ontario.

Last fall, notes Tanya Hutchens, the Government of Canada committed more than $1.9 billion over the next five years to improve and build new affordable housing and to 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. This CMHC report was reviewed by Tanya Hutchens.