New initiatives have been unveiled by the federal government to support homeownership for Black families across the nation, with $50M in funding now earmarked for Black-led housing organizations via the $13.2B National Housing Co-Investment Fund (NHCF).
Announced on Friday by Minister of Housing and Diversity Ahmed Hussen, the program is taking applications for funding dedicated to housing creation for Black households. The government has also announced an additional $40M in joint funding with Habitat for Humanity Canada to address Black housing needs.
Eligible housing developments include the construction of new community and affordable housing, mixed of market- and affordable-rental units, the conversion of non-residential properties to residential use, as well as transitional and supportive housing. The project must be used primarily for residential purposes, and have a minimum of five beds / units.
“Everyone deserves a safe and affordable place to call home,” said Minister Hussen in a release. “We have heard loud and clear from Black Canadian communities that more support was needed in the housing sector, and that is why we are making this unique investment through the NHCF for Black-led projects and projects serving Black Canadians. This is the National Housing Strategy at work.”
Black-led organizations can receive up to 40% of project costs to build affordable rental housing via the dedicated funding.
READ: Fed’s Affordable Rental Housing Programs are Falling Far Short
This is one of several initiatives running through the NHCF, which has the eventual goal of creating up to 60,000 new homes across the country. Its mandate also includes the repair of up to 240,000 homes, the creation and repair of at least 4,000 shelter spaces for victims of family violence, as well as 7,000 new homes for seniors, and 2,400 homes for people with development disabilities.
Thus far, the NHCF, which was launched in the spring of 2018, has spent $5.3B to create over 21,400 housing units.
