Protecting and expanding affordable housing
Key Points
- Today the Prime Minister announced the creation of a new $1.5 billion Canada Rental Protection Fund to support non-market housing providers acquire existing housing developments.
Summary
During a housing announcement in Winnipeg, Manitoba, Prime Minister Justin Trudeau and Minister of Housing, Infrastructure and Communities, Sean Fraser, unveiled key initiatives aimed at addressing housing challenges across Canada.
The Prime Minister announced the creation of a 1.5 billion Rental Protection Fund. The Prime Minister noted that the program would help not- for profits acquire existing housing, renovate, and preserve these units at costs. The Prime Minister mentioned the role of market housing providers in removing affordable units from the market. Minister Fraser noted that the percentage of affordable and non-market housing in Canada was half of what it was in other G7 nations.
Premier Kinew announced that the province would also be allocating $30 million in provincial funding to create its own housing acquisition fund. He emphasized that $10 million would be earmarked for indigenous communities. Mayor Gillingham announced that Winnipeg would be creating its own dedicated concierge service to help non-profits navigate the city’s approval process.
During the question-and-answer session, the Prime Minister acknowledged accusations from premiers that the government was overstepping its jurisdiction on housing. He stated that Canadians were more concerned about the ongoing cost of housing. He also noted that funding packages for provinces would be tied to the quality of the proposal. When asked if financing under the Canadian Apartment Loan program would be subject to interest, the Prime Minister replied that more project details would be released with the budget on April 16th.
View the full media release: Protecting and expanding affordable housing