Federal program to rapidly build homes goes past target, again
BNN Bloomberg
A federal program aimed at quickly creating new affordable housing units has once again surpassed its goal.
OTTAWA -- A federal program aimed at quickly creating new affordable housing units has once again surpassed its goal.
Prime Minister Justin Trudeau says the rapid-housing program has now created more than 10,000 units over two rounds of funding.
In its first round, the Liberals put $1 billion into the program, which helps cities and housing providers buy vacant apartments or hotels and turn them into affordable units, or build modular units.
That round of funding created some 4,700 units, jumping past expectations but leaving hundreds of applicants left in the cold when the program ran out of money.
The Liberals revamped the program in last year's budget and added $1.5 billion in funding, which now appears to have created about 5,500 units.
The government says most of the new units are expected to be constructed within 12 to 18 months of an agreement being signed with funding recipients.
