Today, Prime Minister Justin Trudeau, alongside Minister of Families, Children and Social Development Ahmed Hussen announced a $1 billion investment to launch the new Rapid Housing Initiative which will support the development of affordable housing units. Almost $300 million of this new housing investment will go to Ontario’s large municipalities.
Eligible projects include the development of new modular multi-unit rentals, converting non-residential buildings into affordable multi-residential homes, and rehabilitating buildings that are abandoned or in disrepair into affordable multi-residential homes. Costs to purchase land and buildings will also be eligible under the new initiative. See more details here.
The Rapid Housing Initiative will be financed via the Canadian Mortgage and Housing Corporation under two streams:
Major Cities Stream:
As the details of the programs announced today become available, let Sussex help connect you with the right people in government to help your organization get through these extraordinary times.
Please reach out to your Sussex representative directly or to a member of the Federal Government Relations Team.