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Canada and Ontario Invest in Affordable Housing in Peel Region – Government of Ontario News

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Two new developments will support those most at risk of homelessness

Mississauga ― The governments of Canada and Ontario are investing over $23.5 million in two new affordable housing developments in Peel Region, providing 219 homes for individuals, families, seniors and people with disabilities.

“Home is a place of safety and refuge. Our government is dedicated to housing more Canadians which is why we are proud to have invested in these developments in Peel Region. These new units are more than just safe and affordable places to live, they are key to a better life for the residents who call them home,” said Adam Vaughan, Parliamentary Secretary to the Minister of Families, Children and Social Development.

“Our government is committed to ensuring all Ontarians have access to an affordable place to call home,” said Steve Clark, Minister of Municipal Affairs and Housing. “These important investments in Peel Region are the latest examples of the good things that can happen when we work together to help those most in need in our province.”

The Indwell affordable housing project on Lakeshore Road East will include 68 affordable housing units, a food bank and support program for people with disabilities. Funding for the project is being delivered through the joint federal-provincial Social Infrastructure Fund and Investment in Affordable Housing Program.

The East Avenue affordable housing project will include 151 affordable housing units for individuals, families and seniors. Funding for the project is being delivered through the joint federal-provincial Investment in Affordable Housing Program and the Ontario Priorities Housing Initiative.

“This investment is great news for Peel Region. I am proud our government is taking action to increase the supply of affordable and accessible housing for our most vulnerable citizens, including seniors and people with disabilities,” said Rudy Cuzzetto, MPP Mississauga-Lakeshore. “These two projects are a great addition to Mississauga and I congratulate all those who have worked so hard to provide stable housing and access to support services, such as counselling, addiction services, and life-skills training.”

“On behalf of Peel Regional Council, I wish to sincerely thank the Government of Canada and Province of Ontario for their partnership in helping Peel to build much-needed affordable housing. The magnitude of Peel’s critical affordable housing shortage, heightened by the effects of the pandemic as more individuals and families are losing or at risk of losing their housing, demands that all levels of governments continue to work together,” said Nando Iannicca, Chair of Region of Peel.

“When we all work together, we can achieve practical, immediate solutions that address homelessness in our cities and province,” said Jeff Neven, Indwell’s Executive Director. “Here in Port Credit, all levels of government, community members, the BIA, social service organizations, and churches are working together with Indwell to create new homes for 68 people.”

Quick Facts

  • The Social Infrastructure Fund (SIF) and Investment in Affordable Housing (IAH) Program are joint federal-provincial programs to fund the creation and repair of affordable housing. They also provide down payment assistance for homeownership and rental assistance to families and individuals in need.
  • Under the SIF and IAH programs, service managers have the flexibility to select which program components to participate in – such as new rental construction, home repair, housing allowances, rent supplements or home ownership – based on local housing needs in their communities.
  • The Ontario Priorities Housing Initiative builds on the success of the Investment in Affordable Housing program and addresses local priorities in the areas of housing supply and affordability.
  • Ontario has provided $350 million in funding to help stop the spread of COVID-19 and keep vulnerable people safe. This includes funding to local service managers and Indigenous program administrators who were given the flexibility to expand the key services they already offer to meet their local needs, including supporting people having a hard time paying rent.

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Investment

Tesla shares soar more than 14% as Trump win is seen boosting Elon Musk’s electric vehicle company

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NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.

Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.

“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”

Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.

Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.

Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.

Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.

In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.

The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.

And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.

Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.

The stock is now showing a 16.1% gain for the year after rising the past two days.

The Canadian Press. All rights reserved.

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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