Canada Wants To Build 3,000 Affordable Housing Units & It Will Cost $1 Billion
Did anyone order housing with a side of affordability?
It looks like Canada did, but affordable housing comes with a $1 billion price tag.
Thanks to Canada Mortgage and Housing Corporation, the government of Canada announced last month its new plan to build 3,000 affordable homes in a bid to curb homelessness in the country during the global pandemic.*
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$1 Billion
To build 3,000 affordable homes across Canada
And it comes with a hefty cost.
The billion-dollar investment will foot the bill for construction, buying land and buying-out existing buildings in the surrounding areas.
In addition, the government promises to spend $236.7 million on fighting homelessness in Canada and growing the emergency response to the virus outbreak.
The extra cash is an add-on to the already $157.5 million to help communities work on the effetcs of the pandemic, which was announced in April.
Ahmed Hussen, Minister of Families, Children and Social Development as well as the Minister responsible for Canada Mortgage and Housing Corporation said the government is moving fast on this project.
This is, he said, to keep vulnerable Canadians safe, fight the virus, and provide aid to Canada's economic recovery.
"Every Canadian deserves a safe and affordable place to call home," Hussen said.
*This story has been updated.