The federal government announced on Friday that it will be putting $25M towards affordable housing development in Canada. The funds will be used to build 500 new affordable homes across the country over the next three years.
The investment marks an extension of Canada’s partnership with Habitat for Humanity and joins a series of previous investments, totalling $55.8M, to support the creation of 617 affordable housing units across Canada. Previous infusions include a $32.4M investment in 2019, a top-up investment of $3.4M in 2020, and a $20M investment to support equitable access to homeownership for Black Canadian families in 2020.
These investments draw from the National Housing Co-Investment Fund, a program under the National Housing Strategy that provides low-interest and/or forgivable loans to assist with the creation of new affordable housing supply or the betterment of existing affordable and community housing across Canada.
"Every Canadian deserves a safe and affordable place to call home. We are pleased to continue our partnership with Habitat for Humanity Canada to help more Canadians achieve their dream of homeownership,” said Honourable Ahmed Hussen, Minister of Housing and Diversity and Inclusion, on Friday.
“This partnership has already had a positive impact on the lives of those families who now have an affordable home. We are committed to working with our partners to create more affordable housing options for Canadians from coast to coast to coast. This is just one of the many ways our government's National Housing Strategy continues to ensure no one is left behind.”
Habitat for Humanity Canada President and CEO Julia Deans added that “tackling the housing crisis needs an all-in approach,” and stressed the importance of non-profit and government organizations working together in the face of mounting housing affordability challenges. "Thanks to investments through the National Housing Co-Investment Fund, we continue to increase our impact from coast to coast to coast, creating opportunities for people facing barriers to access."