Federal Government Pledges $1B for “Rapid” Affordable Housing Across Country
On Monday, Sept. 21, the Federal government through Canada Mortgage and Housing Corporation announced $1B for Affordable Housing across Canada in the Rapid Housing Initiative (RHI), the latest program under the National Housing Strategy.
Details of the Federal announcement are yet to be released, but highlights of the new CMHC program include:
- $1 billion for the construction of modular housing, the acquisition of land, and the conversion of existing buildings to affordable housing to enable the rapid creation of up to 3,000 new affordable housing units across the country while helping to stimulate the economy;
- An additional $236.7 million through Reaching Home: Canada’s Homelessness Strategy to help extend and expand the emergency response to the COVID-19 outbreak. (In addition to the $157.5 million announced in April 2020.)
This program aligns well with the COVID-19 Community Affordable Housing Advocacy Strategy. That plan was recently endorsed by members of Calgary City Council at the Intergovernmental Affairs Committee.
“Mayor Nenshi and his office team have been drivers of this plan and championed advocacy with Federal and Provincial officials,” says Calgary Housing’s Manager of Affordable Housing, Bruce Irvine, “we are grateful for this leadership on behalf of low income Calgarians and those experiencing vulnerabilities including homelessness.”
Calgary Housing Company is continuing to work with community and government partners to advance the case for more investment in affordable housing.
View the Public Announcement on the CMHC Website.