Canada allocates additional $15B to apartment construction loan program

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On Wednesday, the Canadian government announced that an additional $15 billion will be allocated to its apartment construction loan program in the upcoming federal budget.

The Prime Minister, Justin Trudeau, stated that the funding will be used to construct 30,000 new apartments in the next decade, while the program itself will undergo reforms to extend loan terms and widen financing options for senior and student housing.

As part of the announcement, Trudeau said that, "Upcoming budget 2024 will invest in a new initiative we're calling Canada Builds," and added, "Canada Builds is going to turbocharge affordable apartment construction in partnership with provinces and territories. It'll provide low cost loans, help speed up development and build projects at the scale necessary to meet the urgent needs of Canadians."

The announcement comes shortly after Ottawa unveiled a $6 billion housing infrastructure fund aimed at accelerating housing development in municipalities and provinces.

To access the funding, municipalities must allow four-unit dwellings by default in their zoning rules, and prioritize "missing middle homes" such as duplexes, triplexes, and townhouses.

Additionally, homes in the upcoming Housing Design Catalogue will need pre-approved zoning to access the new federal funding.

For more info, please go to https://globalnews.ca/news/10396946/fourplex-housing-budget-2024/

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Category: News and politics
Tags: global news, Justin Trudeau, Trudeau

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