Prime Minister Justin Trudeau says a new $1.5-billion housing fund will help non-profit organizations acquire more rental units across Canada and make sure they remain affordable. The new Canada Rental Protection Fund will be included in the upcoming federal budget, to be tabled on April 16. The fund will provide $1 billion in loans and $470 million in contributions to non-profits and other partners to help them acquire affordable rental units. An existing rental protection fund in British Columbia is a good “proof of concept” for the initiative, Trudeau told a news conference in Winnipeg.
“They recognize that for every new affordable rental home that is built in their province, four more are lost to investors, to conversions, to demolition, and to rent increases,” Trudeau said.
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