The federal government is providing more information on its new Rapid Housing Initiative.
The billion-dollar program aims to support the creation of 3,000 new permanent housing units.
COVID-19 has increased the need for more housing.
Prime Minister Justin Trudeau says the program is divided into two areas, a major city stream and a projects stream.
“Our largest cities face a growing need for safe and affordable housing. We are investing $500 million of immediate support for municipalities that have the highest demand,” says Trudeau.
Families, Children and Social Development Minister Ahmed Hussen says the funding for the major cities stream will go out in days to fifteen of Canada’s largest cities.
The second stream of the rapid housing initiative also includes $500 million in funding. It will support specific projects brought forward by Indigenous governing bodies, non-profit organizations, other municipalities, provinces and territories.
The Canada Mortgage and Housing Corporation will be accepting project applications until December 31.
Hussen says applications will be assessed within 30 days so the work can start as quickly as possible.
“These are partners that we have already worked with in the past, and we have no doubt that they will be able to mobilize quickly and harness this significant federal money to turn it into housing, to build modular housing, to convert existing properties into housing and purchase land for rapid housing construction,” Hussen says.
Hussen notes the pandemic has only underscored and worsened an existing housing problem in Canada.
