Trudeau creates fund for nonprofits to buy apartment buildings
BNN Bloomberg
Prime Minister Justin Trudeau’s government is creating a $1.5 billion (US$1.1 billion) program to help Canadian nonprofit organizations buy affordable apartment buildings and keep the rents down.
It’s the latest in a series of pre-budget announcements focused on housing and affordability, as Trudeau tries to ease Canada’s severe housing crunch — and turn around his own sagging poll numbers.
The fund announced Thursday will provide $1 billion in loans and $470 million in grants to nonprofit groups for acquiring existing rental properties.
“Instead of that apartment being sold to a speculator or profiteer, it can go to nonprofit organizations, community housing providers and the middle class,” said Trudeau’s office in a news release. “It’ll mean Canadians can live in the communities they love, with rent prices they can afford.”