Trudeau Liberals announce $50 MILLION housing fund for black Canadians

The Trudeau Liberals are aiming to create more housing dedicated to black Canadian households via a $50-million fund.

Black-led organizations can apply for funding of affordable housing projects through the government's National Housing Strategy's National Housing Co-Investment Fund.

According to the government, "The Co-Investment Fund provides capital to partnered organizations for new affordable housing and the renovation and repair of existing affordable and community housing. Funds are provided as low-interest and/or forgivable loans and contributions." Eligible applicants must be from black-led organizations in Canada.

The funding will provide contribute "funding of up to 40% for new affordable housing" for black households.

“We have heard loud and clear from Black Canadian communities that more support was needed in the housing sector, and that is why we are making this unique investment through the NHCF for Black-led projects and projects serving Black Canadians. This is the National Housing Strategy at work,” said Ahmed Hussen, minister of housing and diversity and inclusion, according to Burnaby Now.

As a guideline, an organization is deemed black-led when at least two-thirds of its leadership and governance positions are occupied by people who self-identify as black.

Last year, Employment and Social Development Canada rejected "about 400 organizations seeking funds from a program for Black community groups. The reason: organizations either weren’t led by enough Black people or didn’t prove they are," reports the Toronto Star.

Meanwhile, it's more than just black Canadians that are struggling with housing. A new study found that nearly half of all Canadians who rent say they will continue to do so indefinitely, and do not know if they will ever be able to enter the housing market.

The survey by insurance firm Canada Life, renters said that they lacked the cash to buy, and said that there was fear and uncertainty at play. Almost three-quarters of respondents said that it was a bad time to buy a house, and 17 percent said that they believe they will never own a home.

Over ninety percent of renters said that buying a home was getting harder every year, and 89 percent said that coming generations will experience even more difficulty entering the housing market.

Nearly 80 percent of respondents said that home ownership is a good investment, yet 64 percent said that they don't believe they will be able to buy a home unless are given support from family members.

The survey said that Canadians ages 25 to 29 are twice as likely to say they are renting indefinitely compared to those ages 30 to 49.