The MP for Pontiac, William Amos, announced that 1,500 affordable housing units will be built or acquired and renovated in Quebec thanks to a group of investors made up of the Government of Canada, the Government of Quebec, the Fonds de solidarité FTQ, Ivanhoé Cambridge and several other investors.
“The COVID-19 crisis has reminded us that access to affordable housing is essential to the health and well-being of vulnerable households. This is why the Government of Canada’s National Housing Strategy is so important. Today, the creation of this group of investors will give a great helping hand to many households. It is by working together that we will be able to provide affordable housing to people who need it most in Quebec and from coast to coast.”
William Amos, Member of Parliament for Pontiac and Parliamentary Secretary for Science
The Government of Canada, the Government of Quebec, the Fonds de solidarité FTQ and Ivanhoé Cambridge are joining forces to make $ 120 million available to cooperatives, non-profit organizations (NPOs) and housing offices for construction or for the renovation of affordable housing. The Lucie and André Chagnon Foundation, Fondaction, the Mirella and Lino Saputo Foundation and the J. Armand Bombardier Foundation collectively added $ 31 million. This strategic partnership will be managed by the Association des groups de ressources techniques du Québec (AGRTQ) starting in the fall of 2021. These $ 151 million pooled will enable housing cooperatives, NPOs and housing offices to obtain long-term financing to build or acquire and renovate some 1,500 affordable and family housing units in Quebec.
According to William Amos, this partnership is an innovative response to the needs of organizations wishing to respond quickly to market opportunities aimed at sustaining the supply of affordable housing in Quebec. This new tool, offered to organizations that want to promote affordable housing, adds to the various sources of funding available for social and community housing in Quebec.