Social infrastructure spending is aimed at strengthening communities and helping to grow Ontario’s economy, according to the Canada Mortgage and Housing Corporation.
“The partnership between Canada and Ontario to provide additional funding for affordable housing in Ontario gives life to our vision that every person has an affordable, suitable, and adequate home,” Chris Ballard, Ontario’s Minister of Housing, said. “This will help provide the foundation to secure employment, raise a family, and build strong communities.”
Affordable housing funding in Ontario has been more than doubled, and the Ontario and Canadian governments have pledged an additional $336.7 million over the next two years. On top of the existing funding, a total of $640 million has now been pledged.
“Federal Budget 2016 investments in affordable housing will provide targeted support to those who need it most, including in Ontario, and create good jobs that help grow Canada’s economy in a clean and sustainable way,” CMHC said in a release. “The federal and provincial/territorial governments will work together to quickly deliver the new funding.”
The initiative will increase access to homes for Ontarians, while also providing jobs.