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OTTAWA, ON, June 24, 2022 /CNW/ – Everyone in Canada deserves a safe and affordable place to call home.
Today, the Honourable Ahmed Hussen, Minister of Housing and Diversity and Inclusion, launched applications for funding dedicated to building housing for Black households through the National Housing Co-Investment Fund.
The $50 million carve-out will build upon the various investments and initiatives undertaken by the Government of Canada to support Black Canadians facing housing needs, as well as an additional $40 million in joint funding by the Government of Canada and Habitat for Humanity Canada to support homeownership for Black families across the country.
Black-led organizations can now apply for the carve-out funding. Please refer to the product highlight sheet for eligibility requirements on this webpage.
Through the National Housing Strategy’s National Housing Co-Investment Fund, the Government of Canada is assisting those in greatest need by creating a new generation of housing in Canada. This investment in another step in the federal government’s work to alleviate inequities faced by Black Canadians and supporting Black Canadians in housing need.
Everyone deserves a safe and affordable place to call home. We have heard loud and clear from Black Canadian communities that more support was needed in the housing sector, and that is why we are making this unique investment through the NHCF for Black-led projects and projects serving Black Canadians. This is the National Housing Strategy at work.“— The Honourable Ahmed Hussen, Minister of Housing and Diversity and Inclusion
- The $50 million carve-out for Black households within the National Housing Co-Investment Fund (NHCF) seeks to encourage more applications for Black-led projects and projects serving Black households under this program.
- Under the dedicated funding, Black-led organizations may be eligible for contributions to go towards the total project cost. These contributions can help attract funding from other sources and help remove barriers to Black-led housing projects.
- The funding will provide contributions of up to 40% for project costs to build affordable rental housing that will benefit Black Canadians. Contribution Only applications can be fast-tracked through a simpler process and result in shorter turnarounds.
- The current NHCF application process applies, with reduced turnaround times and simpler process for contribution only files.
About the National Housing Co-Investment Fund (NHCF)
- With the $13.2 billion NHCF, the Government plans to:
- Create up to 60,000 new homes
- Repair up to 240,000 homes
- Create or repair at least 4,000 shelter spaces for victims of family violence
- Create at least 7,000 new homes for seniors
- Create at least 2,400 new homes for people with developmental disabilities
- As of March 31, 2022, over $5.3 billion has been committed to:
- Create over 21,400 new homes
- Repair over 92,000 homes
- Create or repair over 2,700 shelter spaces for victims of family violence
- Create over 4,900 new homes for seniors
- Create over 600 new homes for people with developmental disabilities
- To ensure these investments go even further, the Fund will support projects that attract additional funding from other levels of government, not-for-profit and co-operative housing providers, and the private sector.
- Through the NHCF, homes will be more accessible for people with disabilities, more affordable for Canadians and will contribute to improved energy efficiency because of prioritized projects that meet and exceed minimum requirements.
- We are working with partners to ensure that existing rental housing is not lost to disrepair and that new, permanent, affordable housing is built close to where it is needed, such as public transit, jobs, daycares, schools, and healthcare.
- Through a combination of contributions and low-cost loans, this Fund invests in the growth of livable communities and contributes to the resilience of the community housing sector.
- The NHCF will provide up to $4.52 billion in contributions and $8.65 billion in low loans over ten years.
- The Fund will increase support for more shelter spaces for survivors of violence, transitional and supportive housing, and new ways to make homeownership more affordable.
- As Canada’s authority on housing, 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 by 2030, 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, please visit www.placetocallhome.ca.
SOURCE Canada Mortgage and Housing Corporation