February 26, 2014 Ottawa, Ontario Employment and Social Development Canada
The Honourable Candice Bergen, Minister of State (Social Development) met today with the Federation of Canadian Municipalities’ (FCM) Big City Mayors’ Caucus to discuss affordable housing and the roles that different partners play in delivering solutions for low-income Canadians.
The federal government provides $1.7 billion each year to support existing social housing across the country. This funding is provided under long-term agreements, which cover a 25 to 50 year period, to housing groups who in turn provide affordable housing to those in need.
At the end of these agreements, the federal government will have fulfilled its commitments and the funding will end. At the same time, the mortgages on the properties will generally be paid off, allowing many housing groups to continue to provide affordable housing and to be free to operate their projects as they see fit. Provinces and Territories, depending on their priorities, can also use the substantial funding provided under the Investment in Affordable Housing to assist housing groups.
Through partnerships and collaboration, affordable housing solutions will continue to be implemented to address the diverse housing needs of Canadians across the country.
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Employment and Social Development Canada
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media@hrsdc-rhdcc.gc.ca
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