Government of Canada to create 30 000 affordable housing units through Innovation Fund

Every Canadian deserves a safe and affordable place to call home.

Budget 2021 is the Government of Canada’s plan to finish the fight against COVID-19 and ensure a robust economic recovery that is inclusive of all Canadians.

Today, the Honourable Ahmed Hussen, Minister of Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC), along with the Honourbale Hedy Fry, Member of Parliament for Vancouver Centre, announced that as part of investments made from Budget 2021: A Recovery Plan for Jobs, Growth, and Resilience, over the next seven years, starting in 2021 – 22, $600 million dollars will be invested in the renewal and expansion of the Affordable Housing Innovation Fund.

The COVID-19 recession is the steepest and fastest economic contraction since the Great Depression. It has disproportionately affected low-wage workers, young people, women, and racialized Canadians. For businesses, it has been a two-speed recession, with some finding ways to prosper and grow, but many businesses — especially small businesses — fighting to survive. Budget 2021 is an historic investment to address the specific wounds of the COVID-19 recession, put people first, create jobs, grow the middle class, set businesses on a track for long-term growth, and ensure that Canada’s future will be healthier, more equitable, greener, and more prosperous.

To date, this program has committed funding to support the creation of over 17,600 units, most units being affordable and for persons with accessibility challenges. Of these units, 2,000 have been committed to Canadians and their families in Victoria, as well as over 5,000 in the Lower Mainland.

Today’s new funding will support the creation of up to 12,700 additional units, bringing the total across the country to over 30,000 Canadians receiving support through the Affordable Housing Innovation Fund.

Funded by the Government of Canada and delivered through Canada Mortgage and Housing Corporation, this Fund is an initiative of the National Housing Strategy and encourages new funding models and innovative building techniques in the affordable housing sector.

The Government of Canada’s top priority remains protecting Canadians’ health and safety, particularly during this third, aggressive wave of the virus and its variants. Vaccine rollout is underway across Canada, with federal government support in every province and territory. Budget 2021 invests in Canada’s bio-manufacturing and life sciences sector to rebuild domestic vaccine manufacturing capacity, and has a plan to put in place national standards for long-term care and mental health services.

Budget 2021 is a plan to bridge Canadians and Canadian businesses through the crisis and towards a robust recovery. It proposes to extend business and income support measures through to the fall and to make investments to create jobs and help businesses across the economy come roaring back. It will support almost 500,000 new training and work opportunities including 215,000 opportunities for youth; support businesses in our most affected sectors such as tourism and arts and culture; and accelerate investment and digital transformation at small and medium-sized businesses. Budget 2021 is a plan that puts Canada on track to meet its commitment to create 1 million jobs by the end of the year.

Canada entered the pandemic in a strong fiscal position. This allowed the government to take quick and decisive action, supporting people and businesses, and put it in the position to make historic investments in the recovery.

Quotes:

“Every Canadian deserves a safe and affordable place to call home. The Affordable Housing Innovation Fund has proven to be an effective way to provide clever, novel, and thoughtful solutions to housing. With renewed resources through Budget 2021, our Government will continue to build partnerships with private sector, developers, municipalities, and the non-profit sector to push boundaries and create affordable homes that meet the needs of Canadians, from coast to coast to coast.”

“Our Government believes that families should be able to live, grow and work in a neighbourhood that meets their needs, and have the stability and opportunities that allow them them to succeed. Innovation is key to making that happen. With today’s announcement, it is clear that our government will continue to support innovation and growth in our communities with the help of partners across all sectors.”

Quick facts:

• Budget 2021 includes $101.4 billion over three years in proposed investments as part of the Government of Canada’s growth plan that will create good jobs and support a resilient and inclusive recovery. Key measures include:
  • Helping to build, repair, and support 35,000 affordable housing units for vulnerable Canadians through an investment of $2.5 billion and a reallocation of $1.3 billion in existing funding.
• Canada’s National Housing Strategy (NHS) is a 10-year, $70+ billion plan that will give more Canadians a place to call home — this includes more than $13 billion committed through the 2020 Fall Economic Statement.

Associated links:

 As Canada’s authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry. CMHC’s aim is that by 2030, everyone in Canada has a home they can afford and that meets their needs. For more information, follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.

To find out more about the National Housing Strategy, please visit www.placetocallhome.ca.

Information on this release:

Mikaela Harrison
Press Secretary
Office of the Minister of Families, Children and Social Development
819-654-5546
mikaela.harrison@hrsdc-rhdcc.gc.ca

Leonard Catling
Media Relations
Canada Mortgage and Housing Corporation
lcatling@cmhc-schl.gc.ca