The Federal Government last week announced a $1 billion Rapid Housing Initiative. The initiative will be administered by the CMHC and will receive applications to cover the costs of construction of modular housing, conversion of existing buildings to affordable housing, and land acquisition to support vulnerable populations such as women fleeing violence or those at immediate risk of homelessness.
In addition to the new initiative, the Federal Government also announced $236.7 million in funding for Reaching Home: Canada’s Homelessness Strategy, to help extend the emergency response to COVID-19.
Rapid Housing Initiative funding will be available to municipalities, provinces, territories, Indigenous governing bodies and agencies and non-profit organizations. The initiative will see the majority of its funds committed to projects in 2020-21, with spending continuing into 2022.
Few details have been released, but members interested in more information may subscribe for updates via the CMHC.