Justin Trudeau, the prime minister, today announced a major investment of more than $2 billion to support three crucial programs that, taken together, will help develop close to 17,000 homes for families across the country, including thousands of affordable housing units.
This investment, which includes funds from the budgets for 2021 and 2022, will be used for:
- Extending the Rapid Housing Initiative to the third round to build 4,500 additional affordable housing units with a focus on women projects and initiatives for people who are experiencing or are at risk of becoming homeless;
- Establishing a new, five-year rent-to-own stream within the Affordable Housing Innovation Fund to aid housing providers in developing and evaluating rent-to-own models and initiatives to assist Canadian families in moving from renting to owning a home; and
- Creating at least 10,800 housing units with 6,000 affordable units through the Affordable Housing Innovation Fund, which promotes new funding approaches and innovative construction methods in the affordable housing sector;
The Affordable Housing Innovation Fund and its new rent-to-own stream are now accepting applications. Candidates must demonstrate their commitment to innovation, affordability, and financial sustainability as part of their application.
Following the launch of the application and proposal process, more details on the extended Rapid Housing Initiative will soon be available.
“When people have a home of their own, whether they rent or they own, they are better able to invest in themselves, and invest in their communities. Our government understands that it is only by investing in people, that we can grow our economy. Tackling housing affordability is a complex problem and there is no one silver bullet, but announcements like today’s give more people a place to call home, and a real and fair chance at success”Said the prime minister Justin Trudeau in today’s conference.
The government of Canada has already made significant progress toward increasing the housing supply and creating more affordable housing for people from coast to coast, and these measures build on those achievements.
More than 1.2 million Canadians have received assistance from the government in finding a place to live, including through the Rapid Housing Initiative. The housing and construction industries are also benefiting from these investments by expanding their employment opportunities for middle-class workers.
Presented by CTC News