Liberal budget details $11.2B in affordable housing, plus push for private cash
OTTAWA — Cities and affordable housing providers will find themselves with $11.2 billion more to spend on new and existing units over the coming decade, part of a multi-pronged push detailed in Wednesday’s federal budget to help people find homes.
The money, which comes from the government’s social infrastructure fund, includes $5 billion to encourage housing providers to pool resources with private partners and to allow the Canada Mortgage and Housing Corp. to provide more direct loans to cities.
Overall, the fund gives the Liberals a way to bypass provinces and deliver more cash straight to local governments.
The Liberal government wants to ensure cities can access funds as quickly as possible to make necessary investments in the country’s stock of aging affordable housing, Finance Minister Bill Morneau said Wednesday before tabling the budget.