Government of Canada’s National Housing Strategy will invest more than $82 billion to give more Canadians a place to call home.
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Government of Canada announces rapid housing initiative fund
Published 12:02 PDT, Mon March 13, 2023
Honourable Ahmed Hussen, Minister of Housing and Diversity and Inclusion, Wilson Miao, Member of Parliament for Richmond Centre, Parm Bains, Member of Parliament for Stevenston-Richmond East, and Malcolm Brodie, Mayor for the City of Richmond announced $9.1 million in funding for Richmond, one of the 41 recipients of the third round of the Rapid Housing Initiative's (RHI) city stream. This investment is set to help create at least 18 new units.
This is made possible by the Government of Canada's additional investment of $1.5 billion through RHI, bringing the program's total to $4 billion to support the country's most vulnerable. This investment is expected to create at least 4,500 more affordable housing units for Canadians in severe housing need across the country, with 25 per cent of investments going towards women-focused housing projects.
RHI provides funding to facilitate the rapid construction of new housing and the acquisition of existing buildings for the purpose of rehabilitation or conversion to permanent affordable housing units. The additional funding for the third round of RHI will be divided into two streams: $1 billion through the Projects Stream and $500 million towards the Cities Stream.