New Rapid Housing Initiative to create up to 3,000 new homes


 

New Rapid Housing Initiative to create up to 3,000 new homes

 

Oct. 27, 2020

Global Korean Post

 

Federal government today announced the launch of the new Rapid Housing Initiative (RHI) that invests $1 billion to create up to 3,000 new permanent, affordable housing units across the country.

The RHI will quickly develop new modular multi-unit rentals, convert non-residential buildings into affordable multi-residential homes, and rehabilitate buildings that are abandoned or in disrepair into affordable multi-residential homes. Costs to purchase land and buildings will also be eligible under the new initiative.

The $1 billion in funding will be provided through two streams:

  • Major Cities Stream: $500 million in immediate support for pre-determined municipalities. The municipalities were determined based on metrics including the levels of renters in severe housing need and of people experiencing homelessness.
  • Projects Stream: $500 million for projects based on applications from provinces, territories, municipalities, Indigenous governing bodies and organizations, and non-profit organizations.

Applications will be accepted starting today and until December 31, 2020.

 

The RHI is part of the government’s plan to create jobs and support economic recovery, while eliminating chronic homelessness in Canada.

Funding under the Major Cities Stream is allocated as follows:

    • Toronto: $203.3 million
    • Montréal: $56.8 million
    • Vancouver: $51.5 million
    • Ottawa: $31.9 million
    • Region of Peel: $30.4 million
    • Calgary: $24.6 million
    • Edmonton: $17.3 million
    • Surrey: $16.4 million
    • Capital Regional District (British Columbia): $13.1 million
    • Winnipeg: $12.5 million
    • Hamilton: $10.8 million
    • Halifax: $8.7 million
    • Region of Waterloo: $8.2 million
    • London: $7.5 million
    • Québec City: $7.1 million

Under the Projects Stream, applications can be submitted from October 27 until December 31, 2020. CMHC will review applications within 30 days from the close of the application window. Projects must be completed within 12 months of a signed agreement, and unused funds will be re-allocated to other projects.

 

 

--