The Government of Canada has announced a 118.2 million dollar investment towards affordable housing through its National Housing Strategy.
The investment is part of Phase 2 of the Federal Community Housing Initiative which protects the afordability of housing for low-income residents over the next seven years, starting in 2021/2022.
The FCHI was created to offer housing providers with federally held operating agreements that expired between April 1 2016, and March 31 2028, with an extension of rental subsidies until March 31 2028. The new announcement will extent the FCHI’s eligibility to housing providers whose agreements expired prior to April 1, 2016.
This extension of eligibility will support more of our vulnerable neighbours from homelessness.
The Minister of Housing and Diversity, Honourable Ahmed Hussen, announced the funds will support an estimated 18,000 homes. It will also allow a greater number of housing providers to offer housing at below-market rates.
“5 years ago, our Government announced Canada’s first ever National Housing Strategy, our $72+ billion plan to ensure all Canadians have a place to call home. Our measures have come a long way since then, and with the Federal Community Housing Initiative, we are another step closer to turning our vision into a reality. This Phase 2 extension ensures that families don’t have to worry about keeping a roof over their heads, and provides safe, affordable housing that meets their needs.”
Phase 1 of the Federal Community Housing Initiative provided $38 million in federal funding over a two-year period between April 1, 2018 and March 31, 2020.
Under Phase 1, federally administered housing providers with long-term operating agreements that had ended between April 1, 2016 and February 28, 2020, continued to receive the same level of subsidy provided under existing agreements until March 31, 2020.
Phase 2 provides $462 million in funding starting from September 1, 2020 to March 31, 2028. This investment is helping to stabilize the operations of 55,000 units of federally administered community housing projects by providing rent support to community housing units occupied by low-income households, and transitional support for projects in need.
Enrolment packages will be sent to housing providers that are deemed eligible in the coming weeks. To find out more about the eligibility and enrollment process visit the Federal Community Housing Initiaive.
You can also find out more about the National Housing Strategy by visiting www.placetocallhome.ca.