Quick Facts
- The Affordable Housing Innovation Fund, which was launched in 2016, is a $200 million fund delivered by the Canada Mortgage and Housing Corporation, under the National Housing Strategy (NHS).
- Canada’s NHS is an ambitious, 10-year plan that will invest over $72 billion to give more Canadians a place to call home. Launched in 2017, the NHS is building and repairing thousands of housing units, and helping households with affordability support.
- To help Canadians find affordable housing, Budget 2021 provides $2.5 billion over seven years in new funding, and reallocates $1.3 billion in previously announced funding, to speed up the construction, repair, and support of over 35,000 additional housing units.
- As part of the new funding, Budget 2021 provides an additional $600 million over seven years, starting in 2021-22, to renew and expand the Affordable Housing Innovation Fund.
- To date, this program has committed funding to support the creation of over 17,600 units, including more than 16,300 affordable housing units and units for persons with accessibility challenges. This new funding will support the creation of up to 12,700 more units, bringing the total to over 30,000 units.
- The Fund encourages new funding models and innovative building techniques in the affordable housing sector.
- The five projects announced today are being developed by Indwell, a supportive non-profit housing provider, developer, and property manager that has more than 25 years of experience and has developed over 600 rental units in Ontario.
- The Rapid Housing Initiative (RHI) is also helping ensure no one is left behind here in Ontario and across Canada. In Hamilton, the government announced $10.8 million in December 2020 through the RHI to support the creation of 45 new affordable units in under 12 months, and recently announced that additional funding will be provided to Hamilton under the second phase of RHI through Budget 2021.
Source / more: https://pm.gc.ca/en/news/news-releases/2021/07/20/helping-over-320-canadian-families-find-affordable-homes-ontario