The federal government has announced it will provide $11.2 million to create 42 new affordable housing units for individuals and families in Waterloo Region.
The announcement was made on Tuesday by Adam Vaughan, Parliamentary Secretary to the Minister of Families, Children and Social Development and Minister Responsible for Canada Mortgage and Housing Corporation. Vaughan was joined by area MPs and Regional Chair Karen Redman for the announcement.
Funding is from the government's Rapid Housing Initiative. Over $8 million was provided through the first phase to support the local project.
"We have seen how COVID-19 has worsened existing housing and homelessness challenges and without urgent action by the Government of Canada, the pandemic could lead to a dramatic increase in homelessness. Creating housing rapidly to address this housing crisis is a priority for our Government. This new funding is part of our commitment to addressing severe housing needs across the country. It will provide immediate support to create safe and stable housing to thousands of vulnerable individuals and families." Vaughan said.
During the initial round of funding of $1 billion, announced in October 2020, the Rapid Housing Initiative led to creation of 4,700 affordable housing units across Canada.