Today, Minister of Middle Class Prosperity and Associate Minister of Finance, the Honourable Mona Fortier, continued her tour to discuss Budget 2021: A Recovery Plan for Jobs, Growth, and Resilience by speaking virtually with members of the Greater Niagara Chamber of Commerce.
Budget 2021 is an historic investment to address the pandemic, 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.
High housing costs, especially in urban centres, continue to place middle class and low-income Canadians under huge financial pressure. Affordable housing is critical for communities and for a strong middle class.
The government has a plan to invest $2.5 billion, and reallocate $1.3 billion in existing funding to speed up the construction, repair, or support of 35,000 affordable housing units. This will help families, young people, low-income Canadians, people experiencing homelessness, and women and children fleeing violence find a safe and affordable place to call home.
The proposed investments include $1.5 billion in 2021-22 for the Rapid Housing Initiative, which supports the construction of new affordable housing units to meet the urgent housing needs of vulnerable Canadians.
Quotes
"Our government is focused on getting Canadians back to work as we look to build a future that is stronger, more inclusive and fair than it was before. Investing in measures like affordable housing that will increase the quality of life for the people of the Niagara Region, and will create good paying middle class jobs in the trade and construction industries."
Minister of Middle Class Prosperity and Associate Minister of Finance, the Honourable Mona Fortier
"Our government is focused on getting Canadians back to work as we look to build a future that is stronger, more inclusive and fair than it was before. Investing in measures like affordable housing that will increase the quality of life for the people of the Niagara Region, and will create good paying middle class jobs in the trade and construction industries."
Minister of Middle Class Prosperity and Associate Minister of Finance, the Honourable Mona Fortier
Quick facts
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High housing costs, especially in urban centres, continue to place middle class and low-income Canadians under huge financial pressure. Stable housing is critical for communities and for a strong middle class.
- Budget 2021 includes $101.4 billion over three years in proposed investments as part of the Government of Canada's growth plan that will create good jobs and support a resilient and inclusive recovery. Key measures include helping to build, repair, and support 35,000 affordable housing units for vulnerable Canadians.
- This is through an investment of $2.5 billion over seven years to Canada Mortgage and Housing Corporation, including:
- An additional $1.5 billion for the Rapid Housing Initiative to address the urgent housing needs of vulnerable Canadians by providing them with adequate affordable housing in short order. At least 25 per cent of this funding would go towards women-focused housing projects. Overall, this new funding will add a minimum of 4,500 new affordable units to Canada's housing supply.
- $600 million over seven years to renew and expand the Affordable Housing Innovation Fund. This new funding would support the creation of up to 12,700 more units.
- $315.4 million over seven years through the Canada Housing Benefit, to increase direct financial assistance for low‑income women and children fleeing violence to help with their rent payments.
- $118.2 million over seven years through the Federal Community Housing Initiative, to support community housing providers that deliver long-term housing to many of our most vulnerable.
- It also includes a reallocation of $1.3 billion in existing funding, including:
- $750 million in funding under the National Housing Co-Investment Fund, which is proposed to accelerate the creation of 3,400 new units, and the repair of 13,700 units.
- $250 million in funding under the National Housing Co-Investment Fund to support the construction, repair, and operating costs of an estimated 560 units of transitional housing and shelter spaces for women and children fleeing violence.
- $300 million in funding from the Rental Construction Financing Initiative, which will be allocated to support the conversion of vacant commercial property into 800 units of market-based rental housing.
- Safe and sustainable housing can also be particularly challenging in the North. Budget 2021 proposes to provide:
- $25 million to the Government of the Northwest Territories to address housing priorities and support the construction of 30 new public housing units.
- $25 million to the Government of Nunavut to support the Territory's short-term housing and infrastructure needs including priority redevelopment and refurbishment projects resulting in approximately 100 new housing units.
- This is through an investment of $2.5 billion over seven years to Canada Mortgage and Housing Corporation, including:
- Budget 2021 includes $101.4 billion over three years in proposed investments as part of the Government of Canada's growth plan that will create good jobs and support a resilient and inclusive recovery. Key measures include helping to build, repair, and support 35,000 affordable housing units for vulnerable Canadians.
