Prime Minister Justin Trudeau announces $2 billion for housing initiatives, August 30, 2022. (Image: CPAC)

By David Opinko

Trudeau announces $2B for housing initiatives

Aug 30, 2022 | 11:09 AM

OTTAWA, ON – The federal government is making a significant investment in housing.

Prime Minister Justin Trudeau says $2 billion will be spent on three key initiatives. Together, they will help to create nearly 17,000 new homes across the country, thousands of which will be affordable housing.

“When people have a home of their own, whether they rent or they own, they are better able to invest in themselves, and invest in their communities,” says Trudeau. “Our government understands that it is only by investing in people, that we can grow our economy. Tackling housing affordability is a complex problem and there is no one silver bullet, but announcements like today’s give more people a place to call home, and a real and fair chance at success.”

This investment will be utilized in the following areas:

• Creating 4,500 additional affordable housing units under the third round of the Rapid Housing Initiative. It will focus on those experiencing or at risk of homelessness
• Creating at least 10,800 housing units, including 6,000 affordable units, through the Affordable Housing Innovation Fund
• Creating a new, five-year rent-to-own stream under the Affordable Housing Innovation Fund

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Minister of Housing and Diversity and Inclusion Ahmed Hussen says, so far, their administration has helped more than 1.2 million Canadians find a place to call home.

“Housing affordability is key to strengthening the middle class and those working hard to join it,” says Hussen. “Our government is investing in proven and innovative programs to alleviate housing gaps today and into the future. This will help promote inclusive growth and lift more Canadians out of poverty.”

Applications are now being accepted for the rent-to-own system. More information, including how to apply, is available on the Canada Mortgage and Housing Corporation website.

A media release from the federal government states that information on the Rapid Housing Initiative will be announced soon.