Federal budget to include more money for apartment construction loans

OTTAWA — The federal government is setting aside another $15 billion in the upcoming budget for its apartment construction loan program.

Prime Minister Justin Trudeau says the funding will help build another 30,000 apartments within the next 10 years.

The government is also reforming the program to extend loan terms and expand financing to housing for students and seniors.

The announcement is part of the Liberals’ pre−budget tour of the country.

On Tuesday, Trudeau announced a $6−billion infrastructure fund to support homebuilding and a $400 million top−up to the housing accelerator fund.

The Liberals also say the funding for provinces and territories will come with conditions, including adopting the recently announced renters’ bill of rights.

This report by The Canadian Press was first published April 3, 2024.

The Canadian Press