On Wednesday, November 23, Justin Trudeau announced the federal government's 10 year national housing strategy. The federal housing strategy is aimed at ensuring that Canadians have access to affordable homes. The aim is to reduce poverty and homelessness.
Trudeau deemed access to adequate housing as a " human right". The federal government is hoping to make a systematic change that will have lasting effects.
The federal government has made a $11.2 billion commitment to social and affordable housing over 10 years, and plans to do some of the following:
- Build 100,000 new affordable housing units;
- Repair 300,000 housing units; and
- Extending housing subsidies that are set to expire.
Combined with investments from provincial governments, the total spending could reach as high as $40 billion. The plan relies on the provinces and territories matching funds.
Some of the key measures include:
- A certain number of units will be reserved for Canadians in vulnerable populations, such as people with developmental disabilities, seniors and survivors of family violence;
- Support for Indigenous people who do not live on reserves and a separate Indigenous housing strategy, which is to be released at a later date;
- Funding provided directly to low-income families and individuals;
- Funding to expand and extend the homelessness partnering strategy;
- Creating new legislation that will require future federal governments to maintain a federal housing strategy; and
- Creating an advocate for federal housing to help seek solutions to these systemic issues, such as advising the government and the Canada Mortgage and Housing Corporation of possible solutions.
The strategy includes a co-investment fund which will provide financial contributions and low interest loans to developers that meet certain criteria. The government will also be transferring federal land to housing providers on a number of conditions.
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