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Budget to include $1.5B rental protection fund meant to preserve rent prices

The federal government will be launching a $1.5 billion “Canada Rental Protection Fund” to preserve affordable rent prices across the country, Prime Minister Justin Trudeau announced Thursday. 

The fund is the latest pledge from the federal Liberals, who are more than a week into a spending announcement blitz previewing what will be in the 2024 federal budget.

According to the government, the fund will provide $1 billion in loans and $470 million in contributions to non-profit organizations, community housing providers, and other partners to help buy affordable rental buildings that go up for sale, rather than seeing the apartment sold to “a speculator or profiteer.”

The Liberals are framing this fund as a step towards preserving rent prices to ensure long-term affordability for lower-income renters.

“Co-led and co-funded by the federal government and other partners, the fund will mobilize investments and financing from the charitable sector and the private sector to protect and grow affordable housing in Canada,” reads a release from the Prime Minister’s Office (PMO) accompanying Trudeau’s announcement.

Thursday’s spending announcement is the latest in a series of housing affordability and rental fairness-focused measures the federal government has said will be included in the April 16 budget. 

More to come… 

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