The Trudeau Liberal government announced a $50 MILLION race based benefit fund to create more housing specifically for black Canadian households.
Black-led organizations can apply for funding of affordable housing projects through the government’s National Housing Strategy’s National Housing Co-Investment Fund.
According to the government, “The Co-Investment Fund provides capital to partnered organizations for new affordable housing and the renovation and repair of existing affordable and community housing. Funds are provided as low-interest and/or forgivable loans and contributions.” only applicants from black-led organizations in Canada can apply.
The funding will provide a handout government “funding of up to 40% for new affordable housing” for black households.
“We have heard loud and clear from Black Canadian communities that more support was needed in the housing sector, and that is why we are making this unique investment through the NHCF for Black-led projects and projects serving Black Canadians. This is the National Housing Strategy at work,” said Ahmed Hussen, minister of housing and diversity and inclusion, according to a government press release
“As a guideline, an organization is deemed Black-led when at least two-thirds of its leadership and governance positions are occupied by people self-identifying as Black.” wrote the CMHC
“about 400 organizations seeking funds from a program for Black community groups. The reason: organizations either weren’t led by enough Black people or didn’t prove they are,” reports the Toronto Star.
Black Canadians aren’t the only ones having housing problems right now. According to a recent research, over half of all Canadians who rent say they will do so in to the future and are unsure when they will be able to buy a home.
According to a poll conducted by the insurance company Canada Life, renters said that they lacked the funds to purchase a home causing fear and uncertainty. Almost 75% of those polled agreed that it was not a good time to buy a home, and 17% said they think they would never be homeowners.
Over ninety percent of respondent said it is getting more difficult to own a home every year while 89% said the next generation will have an even harder time getting into the housing market.
Nearly 80% of respondents agreed that owning a home is a wise investment, but 64% stated they don’t think they will be able to buy a home without support from family.
According to the survey, Canadians between the ages of 25 and 29 are twice as likely as those between the ages of 30 and 49 to indicate they are renting indefinitely.