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Feds announce $13-billion affordable housing fund

Last Updated May 12, 2018 at 9:21 am PDT

Parliament Hill (iStock Photo)

The federal government is setting aside $13 billion to build and repair 300,000 affordable homes

The National Housing Co-investment Fund will be used to build 60,000 new affordable homes and repair 240,000 existing

OTTAWA (NEWS 1130) – We’ve heard the promises from the feds about doing something to create housing people can afford, now it appears they’re following up that talk with action.

Ottawa has announced a new $13-billion fund aimed at helping more Canadians find homes they can actually afford.

This money will be used to build 60,000 affordable new homes, and repair 240,000 existing units.

It will be done through what’s being called the National Housing Co-investment Fund.

“More Canadians will have a safe, accessible, and affordable home… to use for their families and build their futures… more Canadians to have a place to call their home,” says Jean-Yves Duclos, the Minister Responsible for Canada Mortgage and Housing Corporation.

“[It’s] the largest housing fund in Canadian history,” says Duclos. “This co-investment fund is one of the signature initiatives of the national housing strategy.”

Though the cash is being spread out over the next decade, it is not planned to have specific allocations by province or territory.

Projects that meet or exceed accessibility and energy efficiency standards will be pushed to the front of the line for funding consideration.

Officials are also going to prioritize projects advanced enough in planning that they could be approved for funding in the coming months.