April 22nd, 2024

Federal government to launch $1.5B fund to protect affordable rentals

By The Canadian Press on April 4, 2024.

OTTAWA – Prime Minister Justin Trudeau says a new $1.5-billion housing fund will help non-profit organizations acquire more rental units across Canada and make sure they remain affordable.

The new Canada Rental Protection Fund will be included in the upcoming federal budget, to be tabled on April 16.

Trudeau says the fund will provide $1 billion in loans and $470 million in contributions to non-profits and other partners to help them acquire affordable rental units.

Today’s announcement is the latest in a series of new housing measures unveiled by the Liberal government in its campaign-style pre-budget tour across the country.

Protecting and expanding the country’s rental stock has been a particular focus in recent months as Canadians face skyrocketing rents.

Advocates in the social housing and non-profit space have been calling for a mechanism to help them buy up affordable rentals that might otherwise be sold off to investors.

This report by The Canadian Press was first published April 4, 2024.

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