Rapid Housing Initiative funding

The Government of Canada recently announced the launch of the new Rapid Housing Initiative (RHI). This initiative will provide $1 billion to create up to 3,000 new permanent, affordable housing units across the country.

There are two funding streams under the Rapid Housing Initiative: the Major Cities Stream and the Projects Stream. Each funding stream will distribute $500 million, and funds can be used to:

• develop new modular multi-unit rentals;
• convert non-residential buildings into affordable multi-residential homes; and
• rehabilitate buildings that are abandoned or in disrepair into affordable multi-residential homes.

Costs to purchase land and buildings will also be eligible under the new initiative.

While funding under the Major Cities Stream has been pre-allocated, applications to the Projects Stream can be submitted from October 27 until December 31, 2020. Provinces, territories, municipalities, Indigenous governing bodies and organizations, and non-profit organizations are all eligible to apply. Projects must be completed within 12 months of a signed agreement, and unused funds will be re-allocated to other projects.

Click here for more information on how to apply.