The federal government launched a new national housing initiative in Vancouver Tuesday morning.
On hand for the announcement was Delta MP Carla Qualtrough, the Minister of Public Services and Procurement on behalf of Jean-Yves Duclos Minister of Families, Children and Social Development and Minister Responsible for Canada Mortgage and Housing Corporation.
According to a news release, the National Housing Co-Investment Fund (NHCF), under Canada's National Housing Strategy (NHS), will strengthen the middle class, fuel the economy and give more Canadians across the country a place to call home.
Through the NHCF, the Canada Mortgage and Housing Corporation (CMHC) will work with partners to create up to 60,000 new affordable units and repair up to 240,000 affordable and community units over the next 10 years. Investments will also support the creation or repair of at least 4,000 shelter spaces for survivors of family violence, the creation of at least 7,000 new affordable units for seniors and 2,400 new affordable units for people with developmental disabilities.
“We have entered a new era for housing in Canada. With the launch of initiatives like the National Housing Co-Investment Fund, and with the involvement of our partners at all levels, more Canadians will have a safe, affordable, accessible place to care for their families and build their futures – more Canadians will have a place to call home,” said Qualtrough.
The NHCF will be delivered in tandem with the recently created $3.75 billion Rental Construction Financing initiative and the $208.3 million Affordable Housing Innovation Fund. Combined, these three initiatives represent an investment of over $17.15 billion. This includes investments under Investing in Canada Plan.