10-year agreement to invest nearly $700M in the province's affordable homes
The governments of Canada and Alberta have finalized a 10-year agreement that will invest $678 million in the renewal and expansion of affordable housing in the province.
Of this sum, both governments will be responsible for $339 million each. This long-term funding will support Alberta’s initiatives concerning housing repair, construction, and affordability.
“The new agreement marks the beginning of a partnership that will be supported by long-term and predictable funding starting April 1, 2019,” the governments stated in the announcement.
Alberta Minister of Seniors and Housing Lori Sigurdson hailed the pact as a very welcome addition to the province’s aim to ensure housing for all.
“Alberta’s first Affordable Housing Strategy was launched in 2017 with the goal of building and renewing 4,100 units, and that goal is about to be achieved and exceeded. This new agreement means Alberta can continue our bold approach to address the housing needs of Albertans,” Sigurdson said.
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These investments come on top of the more than $638 million in existing 10-year federal housing investments in Alberta, coursed through the Social Housing Agreement.
The federal government has invested almost $510 million in housing in Alberta since November 2015. The province’s home buyers and consumers have been among the worst-hit by the oil price crashes of the past few years.
