We don't know if you're aware, but Vancouver housing is expensive. It's our of the most common conversation topics in the city and something that unites us and our poor, poor bank accounts.
Well, Justin Trudeau is committed to creating affordable housing across the country and Vancouver is going to be part of his new Rapid Housing Initiative (RHI).
RHI is investing $1 billion in 3,000 affordable housing units all over Canada and VanCity will be the recipient of $51.5 million of those dollars.
No Canadian should ever be without a place to call home. By making smart and substantial investments in affordable housing and providing funding directly to municipalities, we're creating jobs, strengthening our communities across the country, and helping the most vulnerable.
A ton of "major cities" will be receiving funding including Toronto, Montreal, Vancouver, Ottawa, Calgary, Edmonton, Surrey, and more.
The biggest chunk of change, $203.3 million, will be going to none other than Toronto.
The billion dollars will be split in half with one half going to the "Major Cities Stream," from which Vancouver is getting a fat cheque, and the other half going to the "Projects Stream."
The second stream is "for projects based on applications from provinces, territories, municipalities, Indigenous governing bodies and organizations, and non-profit organizations," says the news release.
Applications are now open for projects and will be due on December 31, 2020.