Governments and investors announce funding of $ 151 million for housing in Quebec
The federal and provincial governments, as well as several other investors and organizations, have announced that they will make $ 151 million available to cooperatives, non-profit organizations and housing authorities in Quebec to improve the supply of housing affordable in the province.
About $ 120 million of this amount will come from a consortium made up of governments, the Fonds de solidarité FTQ and Ivanhoé Cambridge. The remaining $ 31 million will be provided by the Lucie and André Chagnon Foundation, Fondaction, the Mirella and Lino Saputo Foundation and the J. Armand Bombardier Foundation.
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By fall 2021, the Association des groups de ressources techniques du Québec (AGRTQ) will oversee the projects resulting from these investments. Long-term funding will be used to build or acquire and renovate approximately 1,500 affordable and family housing units in the province.
A combination of traditional mortgage loans and 15-year patient loans will be available, according to the Fonds de solidarité FTQ.
“This partnership is an innovative response to the needs of organizations looking to quickly seize market opportunities and ensure a steady supply of affordable housing in the province,” the governments said in their joint announcement. “Organizations dedicated to affordable housing will now have more and more of the various financing options available for such projects in Quebec.