TORONTO, April 26, 2021 /CNW/ - Every Canadian deserves a safe and affordable place to call home. The COVID-19 crisis has made it clear that affordable housing is key to Canada's recovery as regions across the country are dealing with the devastating impacts of rising levels of homelessness and housing need. Budget 2021 is a plan to bridge Canadians through the crisis and towards a robust recovery.
Today, the Honourable Ahmed Hussen, Minister of Families, Children and Social Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC) together with James Maloney, Member of Parliament for Etobicoke—Lakeshore, announced that in Budget 2021, the Government of Canada would invest an additional $1.5 billion in new funding for the Rapid Housing Initiative in 2021-2022, to address the urgent housing needs of vulnerable Canadians by providing them with permanent affordable housing.
At least 25 percent of this new funding would go towards women-focused housing projects. All units will be constructed within 12 months of when funding is provided to applicants.
This investment will more than triple the initial target set under the Rapid Housing Initiative as the program will now help create over 9,200 affordable housing units across the country.
Delivered by CMHC, under the National Housing Strategy (NHS), RHI provides capital contributions to develop new, permanent affordable housing by covering costs associated with multi-unit rental construction; conversion of non-residential to affordable multi-residential homes; and, rehabilitation of buildings in disrepair and/or abandoned to affordable multi-residential homes. Investments made under the RHI are expected to support thousands of construction-related jobs for Canadians from coast to coast to coast.
Quotes:
"Every Canadian deserves a safe and affordable place to call home. With the Rapid Housing Initiative, our Government is moving faster than ever to provide more affordable housing to keep vulnerable Canadians safe, to fight the virus over the long-term, and to support Canada's economic recovery. This new commitment through Budget 2021 will make a real impact for families across the country." – The Honourable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation
"Canadians experiencing homelessness are at greater risk of being affected by COVID-19. With that in mind, we continue to ensure that communities have the resources necessary to support the most vulnerable of our fellow citizens. This renewed investment in the Rapid Housing Initiative through Budget 2021-22 is good news as it will go a long way to effectively support the housing needs of those who need it most."
– James Maloney, Member of Parliament for Etobicoke—Lakeshore
Quick facts:
- Budget 2021 provides an additional $1.5 billion for the Rapid Housing Initiative in 2021-22 to address the urgent housing needs of vulnerable Canadians by providing them with adequate affordable housing.
- At least 25 per cent of the Rapid Housing Initiative funding will go towards women-focused housing projects with units constructed within 12 months of when funding is provided to program applicants.
- Overall, this new funding will add a minimum of 4,500 new affordable units to Canada's housing supply, building on the 4,700 units already funded in the 2020 Fall Economic Statement through its $1 billion investment.
- RHI takes a human rights-based approach to housing, serving people experiencing or at risk of homelessness and others who are among the most vulnerable, including: women and children fleeing domestic violence, seniors, young adults, Indigenous peoples, people with disabilities, people dealing with mental health and addiction issues, veterans, LGBTQ2+, racialized groups, Black Canadians, and recent immigrants or refugees.
- Canada's National Housing Strategy (NHS) is a 10-year, $70+ billion plan that will give more Canadians a place to call home—this includes more than $13 billion committed through the 2020 Fall Economic Statement.
Associated links:
- Coronavirus disease (COVID-19)
- Canada's COVID-19 Economic Response Plan
- Rapid Housing Initiative
- National Housing Strategy
As Canada's authority on housing, 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 by 2030, 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.
SOURCE Canada Mortgage and Housing Corporation
Media contacts: Mikaela Harrison, Press Secretary, Office of the Minister of Families, Children and Social Development, [email protected]; Audrey-Anne Coulombe, Canada Mortgage and Housing Corporation, [email protected]
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