Federal government supporting the construction of 400 new apartments across Ottawa

Ottawa, Ontario, June 13, 2024

We need to build more rental apartments in Canada, and low-cost loans are helping us get projects off the shelf, and shovels in the ground. Today, the federal government announced over $171 million to build 400 rental homes through 2 projects, in Ottawa. The funding will come as a fully repayable low-interest loans through the Apartment Construction Loan Program (ACLP).

The announcement was made by the Honourable Jenna Sudds – Minister of Families, Children and Social Development and Member of Parliament for Kanata – Carleton, on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities, alongside Mark Sutcliffe, Mayor of the City of Ottawa at a previously announced ACLP project in Ottawa.

The Apartment Construction Loan Program boosts the construction of rental housing by providing low-cost repayable loans to builders and developers, and is on track to build over 131,000 new apartments across Canada.

Quotes:

“The ACLP is a critical part of the National Housing Strategy. We are helping to get more rental apartments built so that Canadians are able to find a place of their own.”
— The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities

“Apartment rentals provide good, safe and stable homes for millions of hard-working middle-class Canadians and their families. We're making it easier, cheaper, and faster to build more rentals in our communities so more Canadians have a place to call home. Today’s announcement marks another step in our work to end Canada’s housing crisis once and for all.”
— The Honourable Jenna Sudds – Minister of Families, Children and Social Development and Member of Parliament for Kanata – Carleton

Quick facts:

The Apartment Construction Loan Program is part of the Government of Canada’s National Housing Strategy (NHS), an $82+ billion plan to give more Canadians a place to call home.
The Apartment Construction Loan Program provides fully repayable low-interest loans to encourage the construction of more rental homes for middle class Canadians. It creates a positive impact to the housing system at minimal cost to taxpayers.
- It is one of many programs and initiatives under the National Housing Strategy designed to help address housing needs across the country.
- It complements other NHS initiatives that focus on funding affordable homes for lower-income households.
- Through the program, the federal government is encouraging the construction of more than 131,000 rental homes by 2031 – 32.
- A stable supply of rental homes is essential for more people in Canada to have access to housing that meets their needs.
In addition to the $15 billion announced in the 2023 Fall Economic Statement for ACLP, Budget 2024 announced an additional $15 billion top-up in loans to build a minimum of 30,000 new rental apartments bringing the total funding to $55 billion.
As of March 2024, the federal government has committed $50.97 billion to support the creation of over 146,000 units and the repair of over 286,000 units. These measures prioritize those in greatest need, including seniors, Indigenous Peoples, people experiencing or at risk of homelessness, and women and children fleeing violence.

Additional information:

Visit canada.ca/housing for the most requested Government of Canada housing information.

As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry. CMHC’s aim is that everyone in Canada has a home they can afford and that meets their needs. For more information, follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.

Progress on programs and initiatives are updated quarterly at www.placetocallhome.ca. The Housing Funding Initiatives Map shows affordable housing projects that have been developed.