Released on September 16, 2024
Today, the Government of Saskatchewan, the City of Regina, and Silver Sage signed a Memorandum of Understanding (MOU) for an affordable rent-to-own program that marks a significant step forward in the shared vision of revitalization and increasing affordable housing options in North Central Regina. This initiative, administered by Silver Sage, will be supported through a rent-to-own program.
"The memorandum of understanding marks a significant first step in our collective commitment to revitalizing and enhancing the vibrancy of the North Central community in Regina," Social Services Minister and Minister Responsible for the Saskatchewan Housing Corporation Gene Makowsky said. "Providing safe and affordable housing in Saskatchewan benefits not only the families who will live there but also the broader communities they are a part of. Through the efforts of the Saskatchewan Housing Corporation, our government remains steadfast in supporting those individuals and families with the greatest housing needs in the province."
To begin, Saskatchewan Housing Corporation (SHC) will transfer up to 10 SHC-owned family units to Silver Sage for the purposes of administering a rent-to-own program in the North Central neighbourhood. Silver Sage has been developing homeownership options, which includes rent-to-equity or rent-to-own programs. The initiative is anticipated to grow over time.
"We are excited to collaborate with our partners in delivering a solution that promotes progress along the housing continuum and contributes to the revitalization of neighborhoods and communities," Silver Sage President and CEO Natoshia Bastien said.
This proposed program is part of the larger City of Regina North Central Revitalization Initiative (NCRI), which aims to improve the residential character of the area and promotes the neighbourhood as a desirable and safe place to live.
"We are proud to work alongside Silver Sage and the provincial government to bring this transformative solution to the North Central community," Regina Mayor Sandra Masters said. "This rent-to-own program is a key part of our North Central Revitalization Initiative, offering residents a real opportunity to achieve housing security. Thank you to our partners for their commitment to making affordable homeownership attainable for more families in Regina."
The MOU is intended to establish the framework to guide collaboration between Silver Sage, City of Regina and Government of Saskatchewan in the development of an affordable rent-to-own program in North Central Regina.
-30-
For more information, contact: