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Trudeau announces $600 million in loans, funding to jump-start homebuilding, rentals

Darpan News Desk The Canadian Press, 05 Apr, 2024 09:51 AM

The federal Liberal government plans a $600-million package of loans and funding to help make it easier and cheaper to build homes for owners and renters.

Prime Minister Justin Trudeau is making the announcement in Calgary, just the latest in a string of pre-budget announcements aimed at winning over younger voters.

We need more affordable housing right across the country, but affordable rental units are too often lost to the private market. So, we’re going to protect and preserve them, and work with partners to acquire even more.

Here’s how: pic.twitter.com/jM6QR6FV5X
— Justin Trudeau (@JustinTrudeau) April 5, 2024

Trudeau says $50 million will go toward a homebuilding technology and innovation fund, with another $50 million to modernize and expedite construction.

An additional $500 million worth of low-cost loans will foster projects with "innovative" construction techniques from prefabricated and modular housing manufacturers and other builders.

Finance Minister Chrystia Freeland will table the next federal budget April 16.

In Winnipeg on Thursday, Trudeau announced $1.5 billion to help non-profits acquire more rental units and ensure their affordability.

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