In an effort to protect and create affordable housing, the Federal Government launched a new $1.5 billion Canada Rental Protection Fund.

The fund, which the government news release calls a key measure in the upcoming 2024 Budget, will provide $1 billion in loans and $470 million in contributions to non-profit organizations and other partners.

The money can be used to acquire units and preserve rent prices in the long term.

The release explains that if an affordable rental building goes up for sale, instead of that apartment being sold to a speculator or profiteer, it can go to non-profit organizations, community housing providers, and the middle class.