The Governments of Canada and Saskatchewan are partnering to invest in the renovation of Pineland Apartments, a rental housing project in Prince Albert.

“Over the years, this building has had a very negative impact on the community and has provided poor living conditions for those living there,” says Tyler Stewart of Stewart Property Holdings Ltd. “Through extensive renovations, we hope to provide a beautiful home for those over age 55 and who cannot afford market rent.”

Stewart Property Holdings Ltd. is overseeing the project, which will renovate 23 one-bedroom suites. The renovations — expected to cost approximately $1 million — will consist of improvements to plumbing, heating and electrical systems, as well as structural repairs.

“Repairing rental properties not only improves the quality of life for the residents who live in them, but it also ensures that the suites are safe and secure for years to come,” says Victoria Jurgens, Member of the Legislative Assembly for Prince Albert Northcote.

Through the federal Canada Mortgage and Housing Corporation, and the provincial Saskatchewan Housing Corporation, the governments are contributing approximately $600,000 to the project. Stewart Property Holdings Ltd. will fund the remaining balance of $407,000 through mortgage financing. The government funding is part of the $55 million Canada-Saskatchewan Investment in Affordable Housing 2011-2014 Agreement.