Written by Billy Cohen
September 23, 2020
Cahdco is delighted to learn of the Government of Canada’s recent investments in affordable housing, homelessness prevention, and the Canadian Mortgage and Housing Corporation (CMHC).
Yesterday, the Honourable Ahmed Hussen, Minister of Families, Children, and Social Development (and the Minister responsible for the CMHC), announced $1 billion in funding for the newly unveiled Rapid Housing Initiative (RHI). The RHI is designed to address two issues facing Canada: the affordable housing crisis, and the recent spike in unemployment due to the COVID-19 pandemic by funding the rapid construction of 3,000 new units. Further, the RHI will allocate funding towards modular housing construction and building conversions to create more affordable housing at a faster pace. Additionally, the Government of Canada will invest $236.7 million to combat homelessness during COVID-19 through the “Reaching Home” homelessness prevention strategy. Such a funding program can ensure the preservation of existing affordable housing options like rooming houses, which we discussed in this recent blog. These measures will address Canada’s short-term pandemic recovery needs, as well as providing thousands of stable, secure, and affordable housing options for years to come.
At Cahdco, we work every day with our mission in mind: to create more affordable homes and social purpose real estate. We believe that housing is a necessity, and that a roof over one’s head is the most important preventative measure against poverty. Canada has long experienced a housing shortage, particularly an acute shortage of affordable housing, and we welcome any initiative that will help ameliorate the dual crises of COVID-19 and the national housing shortage. We look forward to seeing 3,000 new affordable homes built across the country, and we will continue to serve our role as affordable housing developers with help from the CMHC and governments at all levels. Cahdco has unique experience in, and can assist non-profits with CMHC funding applications and understanding the feasibility of project ideas.
For more information about the recent investments in affordable housing, please visit the CMHC website’s announcement at this link. To learn more about Cahdco and our services, please visit cahdco.org.
September 23, 2020