Federal government launches $1.5 billion program to protect existing affordable rental housing
The Canada Rental Protection Fund aims to save roughly 7,000 at-risk homes over the next five years through loans to community housing providers.
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The federal government has launched a $1.5 billion program to protect existing affordable rental housing from conversion or demolition, marking one of the first major initiatives from Build Canada Homes, a new Crown corporation tasked with boosting affordable housing supply.
The Canada Rental Protection Fund is now accepting loan applications from community housing providers nationwide. The program aims to preserve roughly 7,000 at-risk homes over the next five years.
Build Canada Homes, headed by former Toronto councillor Ana Bailão, is seeking to top up the $1.5 billion allocation with charitable donations and future public and private investment. Gregor Robertson, minister of housing and infrastructure, said: "Every Canadian deserves a place to call home. That is why we're taking decisive action to protect affordable rental housing, ensuring more Canadians can remain in their communities."
The Canadian Housing Acquisition Fund (CHAF), a national non-profit, will manage the fund day-to-day and make decisions on applications. CHAF says protecting existing rentals is one of the fastest ways to foster housing stability. The organization will issue a combination of repayable and forgivable loans to help community providers renew and acquire properties.
The source material does not specify an application deadline or regional funding prioritization.
When does the application window close and will it reopen?
How will CHAF prioritize regions or communities with the greatest affordability crises?
We'll update this story as answers emerge.
The facts
How much money is the Canada Rental Protection Fund providing?
The Canada Rental Protection Fund is a $1.5 billion program launched by the federal government to protect existing affordable rental housing.
How many at-risk homes does the program aim to preserve?
The Canada Rental Protection Fund aims to preserve roughly 7,000 at-risk homes over the next five years.
Who heads Build Canada Homes?
Ana Bailão, a former Toronto councillor, heads Build Canada Homes, the Crown corporation overseeing the initiative.
Who will manage the Canada Rental Protection Fund?
The Canadian Housing Acquisition Fund (CHAF), a national non-profit organization, will manage the fund day-to-day and make decisions on loan applications.
