Feds pledge $276 million for affordable housing in Mississauga

 

The nature of the pandemic has made it important for Canadians to have access to their own space in order to help prevent the spread of COVID-19.

As a result, the federal government is working to ensure all Canadians have a safe and affordable place to call home.

Today (August 7) Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation with the Region of Peel Chair Nando Iannicca, announced the federal government will be providing $276 million through the National Housing Co-Investment Fund, which will be used for the creation of new affordable housing in Peel.

This is the single largest individual housing investment ever made by the Government of Canada in the Region of Peel.

“Our Government is investing in affordable housing in Peel Region and across Canada to help create jobs and improve the quality of life for those who need it most," Hussen, said in a news release.

"With our partners, we are providing a helping hand to individuals and families in need, and in doing so, we are contributing to the economic and social well-being of Peel Region," he continued.

Additionally, in 2019, Regional Council endorsed a total of $1 billion of funding to support development of these new housing units on Region of Peel owned sites. The new projects are part of Peel's Housing Master Plan. 

To date, $672.8 million of funding has been secured for development:

  • $335.3 million in Regional funds 
  • $276.4 million in Federal funds 
  • $61.1 million in funds committed through Federal and Provincial housing programs.

"With these funds, the Region will be able to continue building new affordable housing in Brampton, Caledon and Mississauga," Iannicca said in a different release.

"Only with ongoing partnerships with the federal and provincial governments can we increase the supply of affordable housing to meet the growing needs in Peel," he continued.

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