Increasing Affordable Rental Housing Supply

Whereas the Prime Minister, at the National Supply Housing Summit held on February 24, 2022, advised that Canada has a shortage of over two million homes, and that with the increased need of immigration, there is a need to double the volume of housing created in Canada annually to meet the current housing deficit and future demand; And whereas the Rental Construction Financing Initiative RCFI program; an underfunded and underused housing initiative accessed through the Canadian Mortgage Housing Corporation CMHC, designed to provide funding from the Bank of Canada through CMHC directly to developers and Non-Profitcharities could be implemented more effectively by the federal government: Therefore be it resolved that UBCM call on the federal government to modify the current CMHC Rental Construction Financing Initiative RCFI program to further incentivize private enterprise and non-profits to build critically needed affordable rentals.