Government of Canada reaffirms support for affordable housing
OTTAWA, Feb. 26, 2014 /CNW/ - The Honourable Candice Bergen, Minister of State (Social Development) met today with the Federation of Canadian Municipalities' (FCM) Big City Mayors' Caucus to discuss affordable housing and the roles that different partners play in delivering solutions for low-income Canadians.
At the end of these agreements, the federal government will have fulfilled its commitments and the funding will end. At the same time, the mortgages on the properties will generally be paid off, allowing many housing groups to continue to provide affordable housing and to be free to operate their projects as they see fit. Provinces and Territories, depending on their priorities, can also use the substantial funding provided under the Investment in Affordable Housing to assist housing groups.
The stimulus phase of Canada's Economic Action Plan included more than $2 billion to build new and renovate existing social housing, resulting in 16 500 housing construction and renovation projects for low-income families and individuals across the country. These projects not only improved living conditions for tens of thousands of Canadians, they also put people to work quickly and stimulated local economies.
Through partnerships and collaboration, affordable housing solutions will continue to be implemented to address the diverse housing needs of Canadians across the country.
- Since 2006, the federal government has invested more than $17.2 billion in housing and homelessness programs. Economic Action Plan (EAP) 2013 announced the renewal of the Investment in Affordable Housing at $1.25 billion over five years to 2019. Through bilateral agreements, provinces and territories cost match the federal investment and are responsible for program design and delivery in order to address their local housing needs and priorities. Funding may be used to create new or to renovate affordable rental housing, and for rent supplements, for example.
- EAP 2013 also provides $119 million per year over five years, until March 2019, to renew the Homelessness Partnering Strategy using a Housing First approach. This represents nearly $600 million in total new funding.
- The federal government provides $1.7 billion each year to support existing social housing across the country. This funding is provided under long-term agreements, which cover a 25 to 50 year period, to housing groups who in turn provide affordable housing to those in need.
"Our Government remains committed to smart investments in housing to create better economic outcomes for the Canadian families who benefit from these programs. That is why Economic Action Plan 2014 confirmed that we will continue to work with provincial and territorial governments, municipalities, the FCM and other stakeholders at the community level to ensure that social housing helps those most in need achieve economic independence."
Minister of State (Social Development)
SOURCE Employment and Social Development CanadaFor further information:
Office of the Minister of State (Social Development)