Feds announce substantial new funding for Black-led housing projects

Tens of millions have been set aside for the development of housing

Feds announce substantial new funding for Black-led housing projects

The government of Canada has launched its new housing application program for Black-led organizations.

Through the National Housing Co-Investment Fund, the federal government will be allocating around $50 million to fund the development of housing for Black households.

The sum “will build upon the various investments and initiatives undertaken by the government of Canada to support Black Canadians facing housing needs,” the government said.

Another $40 million jointly provided by the government of Canada and Habitat for Humanity Canada will support ownership for Black households nationwide.

Read more: Black businesses significantly burdened by financing discrimination – analysis

Black-led organizations are invited to apply for the carve-out funding.

“Under the dedicated funding, Black-led organizations may be eligible for contributions to go towards the total project cost. These contributions can help attract funding from other sources and help remove barriers to Black-led housing projects,” the government said.

The funding will provide contributions of up to 40% for project costs to build affordable rental housing for Black Canadians.

“Contribution only applications can be fast-tracked through a simpler process and result in shorter turnarounds,” according to Canada Mortgage and Housing Corporation.

“The current NHCF application process applies, with reduced turnaround times and a simpler process for contribution only files.”

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