The Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development and Minister Responsible for Canada Mortgage and Housing Corporation, announced yesterday that our government is investing $500 million over 10 years for a new Federal Community Housing Initiative.
Federal community housing, for example co-op housing, offers an affordable option for many Canadians and has been the backbone of Canada’s response to housing challenges for more than 60 years. In communities all across Canada, thousands of families rely on federally administered community housing as a place to call home.
Many of the affordable units in federally administered housing rely on subsidies through operating agreements with the federal government. Our government is committed to preserving the affordability of these units for tenants.
Through the National Housing Strategy, our government is investing $500 million over 10 years for a new Federal Community Housing Initiative. This will protect affordability for tenants and stabilize the operations of some 55,000 units of federally administered community housing and co-operative projects.
Under Phase I, federally administered community housing providers with long-term operating agreements that have ended or that are coming to an end between April 1, 2016 and February 28, 2020, will continue to receive the same level of subsidy currently provided under existing agreements until March 31, 2020.
We will consult on the development of Phase II of the Initiative with non-profit and co-operative housing providers that own federally administered community housing.
To help more Canadians access housing that meets their needs and they can afford, the National Housing Strategy sets out to achieve bold outcomes over the next 10 years, including:
- reducing chronic homelessness by 50%;
- removing more than 530,000 households from housing need;
- creating 100,000 new housing units, and repairing and renewing more than 300,000 housing units; and
- protecting an additional 385,000 community housing units.