Federal government invests in building and repairing 1226 homes

TORONTO, Nov. 15, 2024 /CNW/ – The federal government is providing $413.6 million to help build 758 new homes and repair 68 existing ones in Toronto, as well as repair an additional 400 across the country.

The announcement was made by the Honourable Gary Anandasangaree, Minister of Crown-Indigenous Relations and Member of Parliament for Scarborough–Rouge Park, the Honourable Robert Oliphant, Parliamentary Secretary to the Minister of Foreign Affairs and Member of Parliament for Don Valley West, Her Worship Olivia Chow, Mayor of Toronto, and Rachel Chernos Lin, City Councillor for Don Valley West.

The announcement took place at the Salvation Army headquarters in Toronto. They received $4 million through the Affordable Housing Fund to help repair 400 units across the country. This project will bring needed repairs and renewals to homes, including making them more accessible and energy efficient.

A detailed list of all the projects that received funding is provided in an appendix to this release.

Quotes:

“Everyone deserves a place to call their own, and the Affordable Housing Fund, Apartment Construction Loan Program and Rapid Housing Initiative are helping make that a reality for Canadians. We will keep investing in housing projects like the ones announced today in Toronto, and working with partners across the country, to end the housing crisis.” – The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities

“This is about making sure people in Toronto have access to affordable, reliable housing. Today’s funding will help bring more rental options, more accessible homes, and essential repairs to our communities. By partnering with organizations like The Salvation Army, we’re delivering the kinds of homes people can depend on, now and in the years ahead.  – The Honourable Gary Anandasangaree, Minister of Crown-Indigenous Relations and Member of Parliament for Scarborough – Rouge Park

“With the deepening housing crisis impacting thousands of hard-working people in our city, we have a great responsibility to keep building more affordable homes. The City of Toronto is pleased to be working collaboratively with our partners at the federal level on this common goal and I welcome the significant funding and financing support that we as well as our non-profit partners are receiving today to build and preserve affordable homes in the city.” – Her Worship Olivia Chow, Mayor of Toronto

Quick Facts:

• The National Housing Strategy (NHS) is a 10+ year, $115+ billion plan to give more Canadians a place to call home. Progress on programs and initiatives is updated quarterly at www.placetocallhome.ca. The Housing Funding Initiatives Map shows affordable housing projects that have been developed.
  • As of September 2024, the federal government has committed $57.57 billion to support the creation of over 156,000 units and the repair of over 297,000 units. These measures prioritize those in greatest need, including seniors, Indigenous Peoples, people experiencing or at risk of homelessness, and women and children fleeing violence.
• The Affordable Housing Fund (AHF) provides funding through low-interest and/or forgivable loans or contributions to partner organizations for new affordable housing and the renovation and repair of existing, affordable and community housing. This is a $14.6 billion program under the National Housing Strategy (NHS) that gives priority to projects that help people who need it most, including women and children fleeing family violence, seniors, Indigenous Peoples, people living with disabilities, those with mental health or addiction issues, Veterans, and young adults.
  • As of September 2024, the Government of Canada has committed $10.34 billion to support the creation of over 40,000 units and the repair of over 166,000 units through the Affordable Housing Fund.
  • Budget 2024 announced enhancements to the AHF which includes the program being extended from 2025-26 to 2028-2029. The existing New Construction Stream is now divided into two dedicated sub-streams: a Rapid Housing Sub-Stream for the creation of shelters, supportive and transitional housing for those in greatest need, and a dedicated Community Housing Sub-Stream to support affordable and mixed-market housing where there are both affordable and market rent units in a project. The Repair and Renewal Stream has replaced minimum requirements with an approach where projects supporting accessibility and energy efficiency will be prioritized. Applications including these enhancements will open on November 22.
• The $55 billion Apartment Loan Construction Program (ACLP) is providing low-cost financing to support more than 131,000 new rental homes across Canada by 2031-32.
  • The ACLP provides fully repayable low-interest loans to encourage the construction of more rentals for middle class Canadians. It creates a positive impact to the housing system at minimal cost to taxpayers.
  • A stable supply of purpose-built rental housing is essential for more people in Canada to have access to housing that meets their needs.
  • As of September 2024, CMHC has committed $20.65 billion in loans through ACLP to support the creation of more than 53,000 purpose-built rental homes.
  • It is one of many programs and initiatives under the National Housing Strategy designed to help address housing needs across the housing continuum.
  • It complements other NHS initiatives that focus on funding affordable housing units for lower-income households.
  • Budget 2024 announced enhancements to the ACLP which includes the program being extended from 2027-28 to 2031-2032. The enhancements will allow applicants to apply for funding for on- and off-campus student housing to support post-secondary educational institutions as well as independent seniors housing. There are no longer minimum requirements relating to energy efficiency and accessibility, applicants will benefit from making stronger commitments to desired rental supply and social outcomes. The Applications including these enhancements will open on November 22.
• The Rapid Housing Initiative (RHI) is delivered through the Canada Mortgage and Housing Corporation (CMHC) under the NHS. It provides funding to facilitate the rapid construction of new housing and the acquisition of existing buildings for the purpose of rehabilitation or conversion to permanent affordable housing units. With its third phase, launched in 2022, the Rapid Housing Initiative once again exceeded targets. It is expected that with this phase over 5,200 new homes will be created, of which almost half will be for women and one third will be for Indigenous Peoples. The total number of units created with the support of Rapid Housing Initiative is expected to be over 16,000 units. The program is now closed.
  • The RHI takes a human rights-based approach to housing, serving people experiencing or at risk of homelessness and other vulnerable people, including women and children fleeing domestic violence, seniors, young adults, Indigenous Peoples, people with disabilities, people experiencing mental health and addiction issues, Veterans, 2SLGBTQI+ individuals, racialized groups, and recent immigrants or refugees.

Additional Information:

• Visit Canada.ca/housing for the most requested Government of Canada housing information.
• CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry. CMHC’s aim is that everyone in Canada has a home they can afford and that meets their needs. For more information, follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.
• To find out more about the National Housing Strategy, please visit www.placetocallhome.ca.

Appendix: Projects receiving funding  

SOURCE Canada Mortgage and Housing Corporation (CMHC)

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