The Federal Government has now officially launched two previously announced initiatives: the first round of the Housing Supply Challenge, and the Rapid Housing Initiative. Applications for both initiatives are now open to eligible applicants including local governments.
The Housing Supply Challenge was introduced in the 2019 Budget to address barriers to housing supply and affordability. Round 1 will disburse $25 million to fund solutions addressing gaps in housing data. Eligible applicants, including local governments, can find application details on the Impact Canada webpage. Applications are due on January 20, 2021.
The Rapid Housing Initiative (RHI) has been established with $1 billion in funding to support the creation of up to 3,000 new affordable housing units. This initiative features two streams of funding:
- The Major Cities Stream for identified municipalities, which has allocated $51.5 million to Vancouver and $16.4 million to Surrey.
- A Projects Stream that will accept applications until December 31, 2020 from Provinces, territories, municipalities, Indigenous governing bodies and organizations, as well as non-profit organizations.
Applications for the RHI may be submitted via the CMHC.