Feds split housing funds between big cities

Fifteen cities will share $500 million in federal funding so they can buy properties being sold because of the COVID-19 pandemic and use them to help keep people from becoming homeless.

Canada's biggest city, Toronto, will get the lion's share of that funding pie with about $203 million.

Social Development Minister Ahmed Hussen says the money to the big cities should be moving out in the next few days.

One Canadian experiencing homelessness is one too many. Today's launch of the Rapid Housing Initiative will build thousands of homes across the country and help Canada move closer to our goal of finally eliminating chronic homelessness. pic.twitter.com/ZqHo4h12Mw

— Ahmed Hussen (@HonAhmedHussen) October 27, 2020

A further $500 million will be up for grabs for projects that will have to be completed within 12 months of federal officials giving the green-light for funding.

For our largest cities, which are facing an urgent need for safe and affordable housing, we’re providing $500 million in immediate support. And we’re putting up another $500 million for other municipalities, provinces and territories, Indigenous organizations, and non-profits.

— Justin Trudeau (@JustinTrudeau) October 27, 2020

The figures provide details of a federal pledge last month to devote money to create or purchase 3,000 new affordable housing units across Canada.

Hussen has previously said he hopes to have most of the money spent before March 2021, when the federal fiscal year ends.