(Ottawa) Justin Trudeau continues to hit the same nail as part of his pre-budget tour. Once again, on Thursday, he made access to housing the theme of his announcement, launching a new fund with an envelope of 1.5 billion.
The new Canadian Rent Protection Fund will offer $1 billion in loans and $470 million in contributions to partners, for example non-profits, so that they can acquire housing and maintain rental prices in the long term.
The objective of this new federal creature, which will be presented in the budget on April 16, is to protect the affordable housing stock and create thousands of new affordable apartments, according to a government press release.
The loan program could, for example, allow a non-profit organization – rather than a speculator – to acquire an affordable housing building that is on the market, we illustrate in the same document.
“We are making the playing field more level for tenants. Thanks to Budget 2024, we are working together with non-profit organizations to protect affordable housing, maintain rent prices and build thousands of new apartments,” declared Justin Trudeau.
The program will be offered later this year, and will “rapidly make the real estate market fairer for renters,” according to the government. The fund will be co-led and co-financed by the federal government and other partners, and will be made up of investments from the charitable and private sectors.
The Prime Minister was in Winnipeg for this sixth pre-budget announcement in the space of a few days. Four of the six proposals unveiled concern housing, and total several billion dollars. The other two announcements concern the national daycare program and school food aid.