Trudeau announces fund to protect and expand affordable housing stock

Photo: Darren Calabrese The Canadian Press Justin Trudeau is currently making a blitz of announcements on access to housing, even before the tabling of the federal budget, which is scheduled for April 16.

Caroline Plante – The Canadian Press in Quebec

12:26 p.m.

• Canada

Prime Minister Justin Trudeau continued his pre-budget offensive Thursday by announcing the creation of a new fund aimed at protecting and expanding the country's affordable housing stock.

The Canadian Rent Protection Fund will have a budget of $1.5 billion, he announced at a press conference held in Winnipeg, Manitoba.

Mr. Trudeau is currently making a blitz of announcements on access to housing, even before the tabling of the federal budget, which is scheduled for April 16.

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The fund announced Thursday will offer $1 billion in loans and $470 million in contributions to various partners so they can acquire housing and maintain rental prices in the long term.

It will be made up of investments and financing from the charitable and private sectors, and will be used to protect and expand the affordable housing stock in Canada, said the Prime Minister.

“We are working with non-profit organizations to protect affordable housing, maintain rent prices and build thousands of new apartments,” said Mr. Trudeau.

“It’s simple: everyone should be able to live in the community they love and pay rent that they can afford,” he added.