Third round of Rapid Housing Initiative launched

The $1.5 billion round will support the development of thousands more new homes nationwide

Third round of Rapid Housing Initiative launched

The federal government has announced the launch of the $1.5 billion third round of its Rapid Housing Initiative, aimed at rolling out thousands of new homes to boost supply for the nation’s most in-need regions.

This tranche brought the program’s total investment to $4 billion, which is intended to support the country’s most vulnerable populations.

The Canada Mortgage and Housing Corporation (CMHC) said that 41 municipalities have been selected to receive funding under the Initiative’s Cities Stream.

“This investment is expected to create at least 4,500 more affordable housing units for Canadians in severe housing need across the country, with 25% of investments going towards women-focused housing projects,” CMHC said.

Read more: CMHC forecasts growth in latest housing outlook

CMHC deemed the first two rounds of the RHI to have “exceeded expectations”, leading to the development of more than 10,000 units instead of the initially planned 7,500 units. Of these, more than 3,300 units will be supporting women and more than 4,200 units will be focused on addressing Indigenous Peoples’ needs.

CMHC said that the RHI is part of the federal government’s ambitious National Housing Strategy, a 10-year project that is slated to invest more than $72 billion to ensure as many homes for as many Canadians as possible.