Prime Minister Justin Trudeau unveiled plans for a $15 billion increase to the Apartment Construction Loan Program (ACLP) as part of Budget 2024. This boost aims to construct a minimum of 30,000 new apartments, with the program set to finance over 131,000 units within the next decade.
The ACLP reforms include:
- Extending loan terms
- Broadening access to financing for student and senior housing
- Introducing a portfolio approach for builders to work on multiple sites simultaneously
- Launching a new stream to fast-track applications for experienced builders
Under the Canada Builds initiative, provinces and territories can partner with the federal government to access funding for their housing plans, provided they meet benchmarks set by initiatives like BC Builds. This includes matching federal funds, building on government-owned lands, and streamlining development approval timelines.
The initiative has received mixed reactions, with some applauding the move as a positive step toward addressing housing challenges, while others, like Ontario Premier Doug Ford, remain cautious about the impact on the housing market. Trudeau’s announcement is part of a series of pre-budget announcements leading up to Budget 2024, indicating a strong focus on housing as a key priority for the federal government. All eyes will be on the budget to see how these commitments translate into concrete policy and funding allocations to tackle Canada’s housing issues.
Via PM Office
