New Rapid Housing Initiative to create up to 3,000 new homes for Canadians
Thursday, October 29, 2020 12:00:00 PM
Everyone should be able to find a place to live, raise their families, and build their future. That's why, since 2015, the Government of Canada has helped more than 1 million people have a safe and affordable place to call home. This work is more important than ever as communities across the country continue to deal with the impacts of COVID-19. By investing in affordable housing, we can create jobs and grow our middle class, build strong communities and fuel our economic recovery, and help reduce homelessness and support vulnerable Canadians.
The Prime Minister, Justin Trudeau, today announced the launch of the new Rapid Housing Initiative (RHI) that invests $1 billion to create up to 3,000 new permanent, affordable housing units across the country.
"No Canadian should ever be without a place to call home. By making smart and substantial investments in affordable housing and providing funding directly to municipalities, we're creating jobs, strengthening our communities across the country, and helping the most vulnerable."
—The Rt. Hon. Justin Trudeau, Prime Minister of Canada
The RHI will quickly develop new modular multi-unit rentals, convert non-residential buildings into affordable multi-residential homes, and rehabilitate 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.
The $1 billion in funding will be provided through two streams:
- Major Cities Stream: $500 million in immediate support for pre-determined municipalities. The municipalities were determined based on metrics including the levels of renters in severe housing need and of people experiencing homelessness.
- Projects Stream: $500 million for projects based on applications from provinces, territories, municipalities, Indigenous governing bodies and organizations, and non-profit organizations. Applications will be accepted starting today and until December 31, 2020.
The RHI is part of the government's plan to create jobs and support economic recovery, while eliminating chronic homelessness in Canada. We will continue to support all Canadians, and especially those most vulnerable, as we work to build a more resilient country that is safer, fairer, and more inclusive for everyone.