Montreal & Canada Are Going To Fund The Renovation Of Thousands Of Homes In The City
The Government of Canada and City of Montreal are teaming up to provide money for the renovation of almost 5,000 homes in the city, they announced Monday.
The up to $81.6 million investment ($69 million from the Government of Canada and between $4.6 million and $12.6 from the City of Montreal), will be distributed through the National Housing Co-Investment Fund (NHCF), through which housing organizations, coops and companies with multi-unit properties can apply for renovation loans.
Details about the latest investment are few, but it doesn't look like there will be sums available for individual homeowners. The federal and municipal government's goal is to improve the living situation for tenants in so-called "affordable" units.
According to the Canada Mortgage and Housing Corporation, "This agreement will upgrade and extend the lifespan of the over 4,700 units in the city, while improving tenant health, safety, comfort, and overall quality of life of the tenants."
In statements, officials touted the economic and environmental benefits of the program.
Federal Minister of Housing Ahmed Hussen anticipates the renovations will "help create new jobs across the city and stimulate the economy."
"Renovating our homes to make them more comfortable and efficient helps make better use of our energy resources and will result in savings on electricity bills," Environment Minister Steven Guilbeault added. "This is an important step towards a fairer, greener society where everyone can have a decent place to live."
Monday's announcement didn't include eligibility criteria, nor a definition of "affordable" housing units — nor for that matter an explanation of how to maintain affordability following renovations.
This article's cover image was used for illustrative purposes only.
Pre-fabricated home by Bonneville.RE/MAX | Handout