Trudeau: $2B to be spent on nationwide housing projects
The funds will be spent in three key ways.
Prime Minister Justin Trudeau visits an Ontario housing project. – Government of Canada
The federal government plans to spend more than $2 billion to create 17,000 homes for families across the country, including thousands of affordable housing units.
The investment, which includes funding from budget 2021 and budget 2022, will go toward:
- Creating 4,500 additional affordable housing units by extending the Rapid Housing Initiative for a third round. This will include women-focused housing projects and projects supporting those experiencing or at risk of homelessness;
- Creating at least 10,800 housing units, including 6,000 affordable units, through the Affordable Housing Innovation Fund, which encourages new funding models and innovative building techniques in the affordable housing sector; and
- Creating a new, five-year rent-to-own stream under the Affordable Housing Innovation Fund to help housing providers develop and test rent-to-own models and projects, with the goal to help Canadian families across the country transition from renting to owning a home.
Applications are now being accepted for both the Affordable Housing Innovation Fund and its new rent-to-own stream. As part of their application, candidates will be required to demonstrate their commitment to innovation, affordability, and financial sustainability.
More information on the extended Rapid Housing Initiative will be available soon, followed by the opening of the application and proposal process.
“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,” said Prime Minister Justin Trudeau. “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.”