Excerpt:
Today, the Honourable Ahmed Hussen, Minister of Families, Children and Social Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), announced a new Rapid Housing Initiative (RHI) to help address urgent housing needs of vulnerable Canadians by rapidly creating new affordable housing. The initiative will also help support Canada’s economic recovery by creating employment in the housing and construction sectors.
Delivered by CMHC, this $1 billion initiative will cover the construction of modular housing, as well as the acquisition of land, and the conversion of existing buildings to affordable housing. The RHI is the newest initiative of the National Housing Strategy (NHS). It is expected to enable the rapid creation of up to 3,000 new affordable housing units across the country and will help stimulate the economy.