2016 Federal Budget Boosts Funding for Affordable Housing

People who provide and advocate for affordable housing have been positive about the 2016 federal budget because it moves Canada in the right direction for the next two years.

 

The budget boosts federal funding for new affordable housing to about $1.1 billion a year nationwide. If we bracket the large and much-needed amounts for First Nations and Northern Canada, the amount that will flow to provinces and municipalities is an average of $352 million annually in federal dollars. With their matching funds, the provinces could see just over $600 million a year. The budget describes this as a doubling of the Investment in Affordable Housing (IAH) program through which these dollars will be delivered. In addition there is an average of $287 million annually for repairing existing older social housing, and modest extra amounts for women’s shelters, homelessness funding, rental mortgage financing, and other essential housing needs.

 

For several years, the FMTA has joined the call for greater investment from the Federal government in affordable housing and has called for a National Housing Strategy. We are pleased with this much-needed investment in housing.

 

To read a further analysis of what this investment would mean for affordable housing in Ontario, visit:

http://www.wellesleyinstitute.com/housing/what-does-the-federal-budget-do-for-affordable-housing-in-ontario/