It is one of the latest steps in the Liberal government’s ambitious $1 billion Rapid Housing Initiative
Federal and provincial authorities, in cooperation with the Canada Mortgage and Housing Corporation, have announced a new multi-million investment aimed at expanding housing supply in Burnaby, British Columbia.
Through the Cities Stream under the expanded Rapid Housing Initiative (RHI), the $11 million funding will support the creation of new affordable homes for individuals and families in Burnaby.
“These housing units will support Canadians who are in uncertain housing situations, experiencing or at risk of homelessness, or living in temporary shelters because of the pandemic,” CMHC said in its announcement.
“We have seen how COVID-19 has worsened existing housing and homelessness challenges and without urgent action by the government of Canada, the pandemic could lead to a dramatic increase in homelessness,” added Terry Beech, Member of Parliament for Burnaby North-Seymour. “This new funding is part of our commitment to addressing severe housing needs across the country. It will provide immediate support to create safe and stable housing for thousands of vulnerable individuals and families.”
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This represents another step in the ambitious $1 billion RHI, which has already exceeded its original target of 3,000 permanent affordable housing units nationwide. CMHC reported that the initiative now aims to build more than 9,200 affordable homes for Canada’s most in-need individuals.
“This new investment will create thousands of good jobs in the housing and construction sector, grow the middle class, and build back stronger communities, while getting us closer to our goal of eliminating chronic homelessness in Canada,” CMHC stated.
