Community-led approach needed for the new $1.5 billion Canada Rental Protection Fund
April 10, 2024
Joint statement by the Canadian Housing and Renewal Association (CHRA), Rental Protection Fund, National Indigenous Collaborative Housing Inc. (NICHI), and the Co-operative Housing Federation of Canada (CHF Canada)
Last week, the Federal Government announced a new $1.5 billion Canada Rental Protection Fund to protect affordable homes. The community housing sector welcomes this federal budget commitment to protect renter security of tenure and affordability by enabling co-ops, Indigenous housing providers, and non-profits to acquire rental homes.
The Canadian Housing Acquisition Fund Inc. is ready to translate this commitment into tangible action, representing a coalition of organizations with unparalleled expertise, broad support, and rapid delivery capabilities.
Created by CHRA, NICHI, CHF Canada, and the Rental Protection Fund, our proposal submitted to the federal government would protect 10,000 renter households within two years, and 100,000 households over a decade. The new federal announcement of $1 billion in loans and $470 million in grants is a significant commitment to protect renters and slow the loss of affordable rental homes.
The co-led and co-funded process will be important to launch and deliver this new national Rental Protection Fund as quickly as possible. Low cost and readily accessible financing will be critical to making this fund work. A community-led approach will be essential to move rental homes into community ownership through non-profits and co-operatives, protecting their affordability forever.
Time is of the essence. Renters are harmed by the loss of affordable rental housing every single day. In the face of a housing crisis, the federal government must launch the Canada Rental Protection Fund as quickly as possible. Working with the federal government, the Canadian Housing Acquisition Fund Inc. and the broader community housing sector are prepared to expedite action and deliver on swift implementation.
For media inquiries, please contact:
Dallas Alderson, Director of Policy and Public Affairs, CHF Canada dadderson@chfcanada.coop
Ray Sullivan, Executive Director, Canadian Housing and Renewal Association
rsullivan@chra-ahru.ca