Things are looking up for vulnerable Canadians.
A new federal government program is aiming to build 60,000 new affordable homes and repair up to 240,000 affordable and community units over the next ten years.
The National Housing Co-Investment Fund will also help in the building or repair of 4,000 shelter spaces for survivors of family violence, the creation of at least 7,000 new affordable living spaces for seniors and 2,400 new affordable units for people with developmental disabilities.
“We have entered a new era for housing in Canada,” said Carla Qualtrough, Minister of Public Services and Procurement on May 15. “With the launch of initiatives like the National Housing Co-Investment Fund, and with the involvement of our partners at all levels, more Canadians will have a safe, affordable, accessible place to care for their families and build their futures—more Canadians will have a place to call home.”
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The government is putting $13.2 billion into the fund and will draw upon up to $4.52 billion in contributions and $8.65 billion in low interest loans to ensure existing rental property is well maintained and modernized.
Part of the modernization is making community housing more green and energy efficient.
A target of at least 25 per cent less energy consumption and greenhouse gas emissions than national building and energy codes allow must be achieved for new construction projects and for repairs to existing projects.
The NHCF is coming at the same time as the recently created $3.75 billion Rental Construction Financing initiative and the $208.3 million Affordable Housing Innovation Fund.
Together these three projects add up to an investment of over $17.15 billion.