More than $1 billion in funding will be allocated to affordable housing providers
The federal government has announced the launch of the Canada Greener Affordable Housing (CGAH) program, an initiative aimed at modernizing affordable multi-unit residential buildings to ensure greater longevity and more efficient energy usage.
The program will be allocating $1.2 billion in low-interest repayable and forgivable loans over the next four years, according to the Canada Mortgage and Housing Corporation. The funding is meant to help affordable housing providers complete improvements focusing on greater energy efficiency.
“The program will offer contributions for completing the pre-retrofit activities needed to plan, prepare, and apply for the retrofit funding and will be administered by CMHC,” the Crown corporation said. “This funding will allow affordable housing providers to make improvements to aging buildings that will improve energy efficiency and extend their lifespan.”
CMHC said that it is expecting the program to help reduce the operating costs of affordable housing, ensuring that as many low-cost units as possible remain in the market for the long haul.
“For affordable housing residents, this program will improve indoor air quality, comfort, and quality of life through retrofits which may include updates like the installation of heating and cooling systems, and energy-efficient appliances, windows, and doors,” CMHC said.
Majid Jowhari, Member of Parliament for Richmond Hill, said that the CGAH’s most important contribution is that it tackles multiple societal challenges head-on.
“With this program, the government of Canada is, at once, strengthening our country’s affordable housing stock while also getting us closer to net-zero carbon emissions,” Jowhari said. “Affordable-housing providers get support for retrofits, residents get better living conditions, and all of us get fewer greenhouse gases.”
CMHC is encouraging interested parties to visit the CGAH online portal, as applications will begin in June.
