Ottawa to spend $1.5 billion to ensure affordable apartments
CTV
The federal government will be launching a $1.5 billion fund to create more affordable apartments across the country and ensure housing remains affordable.
The federal government will be launching a $1.5 billion fund to create more affordable apartments across the country and ensure housing remains affordable.
Prime Minister Justin Trudeau announced the creation of the Canada Rental Protection Fund in Winnipeg Thursday morning. It will provide $1 billion in loans, and $470 million in contributions to non-profit organizations and other groups to allow them to buy units and preserve the rent prices long-term.
“We’re making the playing field fairer for renters. Through Budget 2024, we’re working with non-profits to protect affordable housing, preserve rent prices, and build thousands of new apartments,” Trudeau said in a statement. “It’s simple – you should be able to live in the community you love, with a rent you can afford.”
Under the plan, Trudeau said the loans will preserve rental homes in Canada, and if an affordable rental building goes up for sale, it will be sold to non-profit organizations or community housing providers.
The program will become available later in 2024.
The announcement follows several housing announcements made by the federal government this week, including a $15 billion top-up to the Apartment Construction Loan Program, a new $6 billion Canada Housing Infrastructure Fund, and a $400 million top-up to the Housing Accelerator Fund.
This is a developing story. More to come.