Federal Government Announces New $1 Billion Rapid Housing Initiative
Today, Prime Minister Justin Trudeau, alongside Minister of Families, Children and Social Development Ahmed Hussen announced a $1 billion investment to launch the new Rapid Housing Initiative which will support the development of affordable housing units. Almost $300 million of this new housing investment will go to Ontario’s large municipalities.
Eligible projects include the development of new modular multi-unit rentals, converting non-residential buildings into affordable multi-residential homes, and rehabilitating buildings that are abandoned or in disrepair into affordable multi-residential homes. Costs to purchase land and buildings will also be eligible under the new initiative. See more details here.
The Rapid Housing Initiative will be financed via the Canadian Mortgage and Housing Corporation under two streams:
Major Cities Stream:
- $500 million for immediate housing support to municipalities with higher housing demand ($292.1 million for Ontario municipalities).
- Government and the Federation of Canadian Municipalities developed a list of 15 eligible cities with the most acute housing needs. Funding will be distributed as follows:
- Toronto: $203.3 million
- Montréal: $56.8 million
- Vancouver: $51.5 million
- Ottawa: $31.9 million
- Region of Peel: $30.4 million
- Calgary: $24.6 million
- Edmonton: $17.3 million
- Surrey: $16.4 million
- Capital Regional District (British Columbia): $13.1 million
- Winnipeg: $12.5 million
- Hamilton: $10.8 million
- Halifax: $8.7 million
- Region of Waterloo: $8.2 million
- London: $7.5 million
- Québec City: $7.1 million
Project Stream:
- $500 million for projects led by either Indigenous communities, non-profits, municipalities, or provincial and territorial government.
- CMHC will be receiving applications from October 27 until December 31, 2020. Applications will be reviewed within 30 days from the close of the application window. Projects must be completed within 12 months of a signed agreement, and unused funds will be re-allocated to other projects.
Federal Engagement
As the details of the programs announced today become available, let Sussex help connect you with the right people in government to help your organization get through these extraordinary times.
Please reach out to your Sussex representative directly or to a member of the Federal Government Relations Team.
