Feds launch new Rapid Housing Initiative
The $1B program will create 3,000 housing units through developing new modular multi-unit rentals, and converting non-residential buildings or rehabilitating abandoned buildings into affordable multi-residential homes.
The federal government has announced the launch of its new Rapid Housing Initiative (RHI) that will see the investment of $1 billion to create up to 3,000 new permanent, affordable housing units across the country.
The RHI will quickly develop new modular multi-unit rentals, convert non-residential buildings into affordable multi-residential homes, and rehabilitate buildings that are abandoned or in disrepair into affordable multi-residential homes.
Costs to purchase land and buildings will also be eligible under the new initiative.
The $1 billion in funding will be provided through two streams:
- Major Cities Stream: $500 million in immediate support for pre-determined municipalities. The municipalities were determined based on metrics including the levels of renters in severe housing need and of people experiencing homelessness.
- Projects Stream: $500 million for projects based on applications from provinces, territories, municipalities, Indigenous governing bodies and organizations, and non-profit organizations. Applications will be accepted starting October 27 and until December 31, 2020.
The RHI will be delivered by the Canada Mortgage and Housing Corporation (CMHC), under the National Housing Strategy (NHS).
Funding under the Major Cities Stream is allocated as follows:
- Toronto: $203.3 million
- Montréal: $56.8 million
- Vancouver: $51.5 million
- Ottawa: $31.9 million
- Region of Peel: $30.4 million
- Calgary: $24.6 million
- Edmonton: $17.3 million
- Surrey: $16.4 million
- Capital Regional District (British Columbia): $13.1 million
- Winnipeg: $12.5 million
- Hamilton: $10.8 million
- Halifax: $8.7 million
- Region of Waterloo: $8.2 million
- London: $7.5 million
- Québec City: $7.1 million
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May 11, 2022