Vancouver: Ahmed Hussen, Minister of Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC), along with 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.
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.
The 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.
Ahmed Hussen said: “Every Canadian deserves a safe and affordable place to call home. The Affordable Housing Innovation Fund has proven to be an effective way to provide clever, novel, and thoughtful solutions to housing. With renewed resources through Budget 2021, our Government will continue to build partnerships with private sector, developers, municipalities, and the non-profit sector to push boundaries and create affordable homes for Canadians, from coast to coast to coast.”
Hussen added: “Every Canadian deserves a safe affordable place to call home. With renewed resources through #Budget2021 in the Affordable Housing Innovation Fund, we will work with partners to create over 30,000 affordable homes that meet the needs of Canadian across the country.:
Hedy Fry, Member of Parliament for Vancouver Centre, said: “Our Government believes that families should be able to live, grow and work in a neighbourhood that meets their needs, and have the stability and opportunities that allow them them to succeed.
Innovation is key to making that happen. With today’s announcement, it is clear that our government will continue to support innovation and growth in our communities with the help of partners across all sectors.”