BCNPHA heralds federal budgetPosted
Just a few months into 2018 and already it’s a milestone year for the affordable housing sector. Last month the provincial government announced its game-changing, historic investment in affordable housing. A week later the federal government’s budget, while more low key for the community housing sector, also unveiled some new tidbits for non-profit and co-op housing providers. Here’s what’s in store from Ottawa:
Rental Construction Financing Initiative (RCFI)
Unveiled in April 2017, the federal government now proposes to expand the RCFI from $2.5 billion to $3.75 billion over the next three years. The program is expected to spur the construction of 14,000 new rental units nation-wide. Additionally, the government proposes to provide CMHC with $113.6 million to expand the program. This is good news for those housing providers looking for development opportunities.
There’s quite a bit about Indigenous housing in the federal budget, namely the creation of distinct housing strategies for First Nations, Inuit, and Metis peoples valued at $1.5 billion over five years and $149 million in the years following.
With all levels of government – federal, provincial and local – coming to the table to provide the community housing sector with funds, potential partnerships and supportive policy, this is a time of opportunity for our members!Back to News