The Federal Budget 2017, released March 22nd, proposes to invest more than $11.2 billion over 11 years in a variety of initiatives designed to build, renew and repair Canada’s stock of affordable housing. These investments will be made as part of the new National Housing Strategy that was developed following extensive consultation with industry experts, stakeholders, provinces, territories, municipalities and Indigenous Peoples.
Key elements of the new strategy include:
- A renewed partnership between the federal government and provinces/territories to support key housing priorities ($3.2 billion)
- A new National Housing Fund to address critical housing issues and support vulnerable citizens ($5 billion)
- Targeted support for northern housing ($300 million)
- Targeted housing support for Indigenous Peoples not living on-reserve ($225 million)
- Renewed and expanded federal investments to address homelessness ($2.1 billion)
- Making more federal lands available for the development of affordable housing. (202 million)
- Expanded funding to strengthen CMHC’s housing research activities ($241 million)
Budget 2017 proposes to provide $3.2 billion over the next 11 years to provinces and territories in support of key priorities, such as the construction of new affordable housing units; the renovation and repair of existing housing; rent subsidies and other measures to make housing more affordable; and other initiatives to support safe, independent living for Canada’s seniors and persons with disabilities.
The National Housing Fund will be administered by the CMHC and will include an expansion of direct lending for new rental housing supply and renewal. This fund is intended to address critical housing issues and prioritize support for vulnerable citizens, including seniors, Indigenous peoples, survivors fleeing situations of domestic violence, persons with disabilities, those dealing with mental health and addiction, and veterans.
