OTTAWA, ON, Nov. 20, 2023 /CNW/ – Today, the Honourable Sean Fraser, Minister of Housing, Communities and Infrastructure, highlighted more than $4.1 billion in federal investments to build almost 12,000 purpose-built rental units across 73 projects in Canada. This funding comes as fully repayable low-interest loans through the Rental Construction Financing Initiative (RCFi). The announcements took place in communities across the country last week, from November 14-17.

Canada’s construction of rental homes has not kept pace with the country’s growing cities and population, leading to a decline in the existing and aging rental stock for decades. To tackle this issue, the federal government introduced the RCFi to help build more rentals across the country. Increasing the overall supply of rental housing is crucial to creating stronger and more vibrant communities that Canadians can feel proud to call home.

A detailed list of all RCFi announcements made last week can be found in the backgrounder of this news release.

“We need to boost housing supply and this is why we are making strategic investments through programs like the Rental Construction Financing Initiative to build much-needed rental units across the country. The projects announced last week across Canada are a huge step forward in addressing the housing crunch faced by Canadians and will bring nearly 12,000 homes to our cities. Through the National Housing Strategy, the federal government is taking action to increase the supply of new rental developments that are closer to jobs, services, public transit and amenities.” – The Honourable Sean Fraser, Minster of Housing, Infrastructure and Communities

• The Government of Canada’s National Housing Strategy (NHS) is an ambitious, 10-year plan that will invest more than $82 billion to give more Canadians a place to call home.
• The Rental Construction Financing Initiative (RCFi) provides fully repayable low-interest loans to encourage the construction of more purpose-built rental housing for middle income Canadians. It creates a positive impact to the housing system at minimal cost to taxpayers.
  • RCFi is one of many programs and initiatives under the National Housing Strategy designed to help address housing needs across the housing continuum.
  • RCFi complements other NHS initiatives that focus on funding affordable housing units for lower-income households.
  • Through RCFi, the federal government is encouraging the construction of more than 71,000 rental units.
  • A stable supply of purpose-built rental housing is essential for more people in Canada to have access to housing that meets their needs.

• Visit Canada.ca/housing for the most requested Government of Canada housing information.
• 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 everyone in Canada has a home they can afford and that meets their needs. For more information, please visit cmhc.ca or follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.
• To find out more about the National Housing Strategy, visit: www.placetocallhome.ca
• Check out the National Housing Strategy Housing Funding Initiatives Map to see affordable housing projects that have been developed across Canada.

SOURCE Canada Mortgage and Housing Corporation (CMHC)

Featured image: Deposit Photos © alexraths.jpg

Disclaimer