24/03/04 - Northwest Territories Housing Corporation Announces New Market Housing Initiative.

YELLOWKNIFE (March 24) - In response to the critical shortage of non-subsidized market rental units, the Northwest Territories Housing Corporation has developed the Market Housing Initiative. The Market Housing Initiative is intended to create affordable market rental units in non-market communities. For the purpose of the Market Housing Initiative, non-market communities are considered to be all communities in the Northwest Territories with the exception of Yellowknife, Hay River, Fort Smith, Fort Simpson and Inuvik.

The Housing Corporation intends to stimulate market housing over the next two years by constructing a total of 42 units. This Initiative will generate market units and business interests by creating market housing in the smaller communities.

"In non-market communities there continues to be critical need to stimulate an increase in the supply of non-subsidized rental accommodation," said Tom Beaulieu, President of the Northwest Territories Housing Corporation. "This shortage of rental accommodation also affects the recruitment and retention of professionals, particularly in the more remote communities where housing markets do not exist."

The first phase of the Market Housing Initiative involves making available for occupancy 22 market rental-housing units in non-market communities by mid to late August 2004. Manufactured homes are considered to be the best option to meet this deadline and provide housing at the least capital cost. This will yield the lowest possible rent based on full cost recovery. For the purposes of this initiative and to allow for the lowest possible rent, the Business Incentive Policy on contracts will be waived. The market rental units will not be subsidized in any way and rents will represent the full cost-recovery of construction, operation and maintenance for the units.

"The NWT Housing Corporation is confident that developing market rental housing in communities will be a positive step towards helping to build the north," said Mr. Beaulieu