The federal government is trumpeting what it calls its, “Rapid Housing Initiative,” investing $1 billion to create up to 3,000 new, permanent, affordable housing units across the country. The feds say the initiative will quickly 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.

The funding will be provided through two streams:
The Major Cities Stream will provide $500 million in immediate support for select municipalities, none of which are in Saskatchewan.
The Projects Stream will provide $500 million for projects based on applications from provinces, territories, municipalities, Indigenous governing bodies and organizations, and non-profit organizations.

Under the Projects Stream, applications can be submitted from October 27 until December 31, 2020. CMHC will review the applications.