Minister Ien highlights investments in affordable housing in Budget 2022
CALGARY, AB, April 13, 2022 /CNW/ - Through Budget 2022: A Plan to Grow Our Economy and Make Life More Affordable, the Government of Canada will make targeted and responsible investments to create good jobs, grow the economy, and build a Canada where nobody gets left behind.
Today, the Honourable Marci Ien, Minister for Women and Gender Equality and Youth, met with members of the YWCA Calgary to highlight Canada's affordable housing strategy.
Everyone should have a safe and affordable place to call home. Budget 2022 outlines an ambitious plan, one that will need collaboration with provinces and territories, municipalities, and the private and not-for-profit sectors.
The measures proposed in Budget 2022 include:
- Creating at least 6,000 new affordable housing units through the expansion of the Rapid Housing Initiative, with at least 25 percent of funding going towards women-focused housing projects
- $2.9 billion in funding to the National Housing Co-Investment Fund to accelerate the creation of up to 4,300 new units and the repair of up to 17,800 units for the Canadians who need them most
- An additional $458.5 million to provide low-interest loans and grants to low-income housing providers as part of the low-income stream of the Canada Greener Homes Loan Program
- $562.2 million over two years to continue providing funding to Reaching Home for the vital work across the country to continue to prevent and address homelessness
- $150 million over two years to support affordable housing and related infrastructure in the North
- $4.3 billion over seven years towards improving and expanding Indigenous housing in Canada.
Budget 2022 will also put Canada on the path to double housing construction over the next decade, help Canadians save for and buy their first home, and curb unfair practices that make housing more expensive for Canadians.
"Budget 2022 is about growing our economy, creating good jobs, and building a Canada where nobody gets left behind. Our plan is responsible and considered, and it is going to mean more homes and good-paying jobs for Canadians, cleaner air and cleaner water for our children, and a stronger and more resilient economy for years to come."
The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance
"Buying a first home is part of the Canadian dream, but for many, that dream is out of reach. Our government will work with provinces, territories, and municipalities to make sure that we are creating affordable housing – particularly for women fleeing violence and Indigenous peoples, while also preventing homelessness. This Budget is about investing in people and making sure that everyone has a safe place to call home."
The Honourable Marci Ien, Minister for Women and Gender Equality and Youth
- Measures in Budget 2022 to make housing more affordable include:
- Putting Canada on the path to doubling the construction of new homes in the next decade
- Helping Canadians buy their first home, including by introducing the Tax-Free First Home Savings Account and doubling the First-Time Home Buyers' Tax Credit
- Launching a new Housing Accelerator Fund that will target the creation of 100,000 net new housing units in the next five years
- Developing a Home Buyers' Bill of Rights and bringing forward a national plan to end blind bidding
- Banning foreign buyers from owning non-recreational residential property for two years
- A Multigenerational Home Renovation Tax Credit that will provide up to $7,500 in support for constructing a secondary suite or apartment
- Budget 2022: A Plan to Grow Our Economy and Make Life More Affordable
- Budget Speech
- Backgrounder: Making Housing More Affordable
SOURCE Women and Gender Equality Canada
Media may contact: Riyadh Nazerally, Director of Communications, Office of the Minister for Women and Gender Equality and Youth, 873-455-4846, [email protected]; Media Relations, Women and Gender Equality Canada, 819-420-6530, [email protected]
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