Policy Updates

Federal Budget 2021 – Summary of Initiatives and Spending

The 2021 Budget unveiled on April 19th includes a road map for Canada’s post-pandemic recovery. For additional information contained in Federal Budget 2021, we have included a link to the Canadian Housing and Renewal Association’s news release from yesterday. In addition, we have provided a summary of the various housing-related initiatives contained in Budget 2021 in the below table.

Funding type Program/Initiative Funding allocation Goal
New Investments = $2.5 billion Rapid Housing Initiative $1.5 billion beginning in 2021/22, to be spent within 12 months of it being allocated to program applicants An additional 4,500 units from the 4,700 units announced  in Fall Economic Statement 2020
Affordable Housing Innovation Fund $600 million over seven years, beginning in 2021/22 Develop an additional 12,700 units
Canada Housing Benefit $315.4 million over seven years, beginning in 2021/22 Directed toward women and children fleeing violence
Federal Community Housing Initiative $118.2 million over 7 years, starting in 2021/22 Support community housing providers to deliver long-term housing
Northern Housing $50 million, beginning in 2021/22 $25 million to each of NWT and Nunavut for creation of 130 new public housing units
Reallocation/advancement of funding = $1.3 billion Co-Investment Fund Moving $750 million up to 2021-23 budgets. Accelerate creation of 3,400 new homes and repair of 13,700 existing homes
Co-Investment Fund $250 million advancement Will fund 560 units of transitional housing for women and children fleeing violence
Rental Construction Financing Initiative $300 million will be allocated from existing fund Support conversion of vacant commercial property into housing (hotels, motels, etc.). Create 800 new market rentals.
New homelessness investments =  $613 million Reaching Home $567 million over 2 years, beginning in 2022/23 Maintains 2021/22 funding levels announced in 2020 Fall Economic Statement in response to pressures of Ccovid
New veteran’s homelessness program $45 million over 2 years, beginning in 2022/23 Pilot program aimed at reducing veteran’s homelessness through rent supps and wrap around services
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