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Canada Innovation Fund to Create 30,000 Affordable Homes
Honourable Ahmed Hussen, Minister of Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC), along with the Honourable Hedy Fry, Member of Parliament for Vancouver Centre, announced that as par
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Published - Wednesday, 28 Apr, 2021
Honourable Ahmed Hussen, Minister of Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC), along with the Honourable Hedy Fry, Member of Parliament for Vancouver Centre, announced that as part of investments made from Budget 2021: A Recovery Plan for Jobs, Growth, and Resilience, over the next seven years, starting in 2021-22, $600 million dollars will be invested in the renewal and expansion of the Affordable Housing Innovation Fund.
The COVID-19 recession is the steepest and fastest economic contraction since the Great Depression. It has disproportionately affected low-wage workers, young people, women, and racialized Canadians. For businesses, it has been a two-speed recession, with some finding ways to prosper and grow, but many businesses—especially small businesses—fighting to survive. Budget 2021 is an historic investment to address the specific wounds of the COVID-19 recession, put people first, create jobs, grow the middle class, set businesses on a track for long-term growth, and ensure that Canada's future will be healthier, more equitable, greener, and more prosperous.
To date, this program has committed funding to support the creation of over 17,600 units, most units being affordable and for persons with accessibility challenges. Of these units, 2,000 have been committed to Canadians and their families in Victoria, as well as over 5,000 in the Lower Mainland.
Today's new funding will support the creation of up to 12,700 additional units, bringing the total across the country to over 30,000 Canadians receiving support through the Affordable Housing Innovation Fund. Funded by the Government of Canada and delivered through Canada Mortgage and Housing Corporation, this Fund is an initiative of the National Housing Strategy and encourages new funding models and innovative building techniques in the affordable housing sector.
The Government of Canada's top priority remains protecting Canadians' health and safety, particularly during this third, aggressive wave of the virus and its variants. Vaccine rollout is underway across Canada, with federal government support in every province and territory. Budget 2021 invests in Canada's bio-manufacturing and life sciences sector to rebuild domestic vaccine manufacturing capacity, and has a plan to put in place national standards for long-term care and mental health services.
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