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Harper Announces Plan to Increase Supply of Affordable Housing |
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Written by Conservative Party of Canada
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Thursday, 12 January 2006 |
Today in Halifax, Stephen Harper released his plan to encourage the construction of new, affordable housing. Mr. Harper announced that a new government will work with the provinces and municipalities to develop tax incentives for private-sector builders so that low-income city dwellers will have improved access to affordable housing.
“We believe that all Canadians should have a fair chance to own or rent their own home,” said Mr. Harper.
On an experimental basis, a new Conservative government establish a tax credit to encourage developers to build or refurbish affordable rental units for low income Canadians. Details of the plan include the following:
-Setting aside $200 million annually in the form of federal tax credits to encourage developers to build or refurbish affordable rental units.
-Defining affordable units as those in which at least 40 per cent of the occupants earn less than 60 percent of the local median income.
-Distributing funding among the provinces on a per capita basis, but smaller provinces will be guaranteed a minimum amount of funding.
-Administering credits through the Canadian Mortgage and Housing Corporation (CMHC).
“This program will help to address the shortage of affordable housing, particularly in our urban centres,” said Mr. Harper. “This is not a phoney promise of a quick fix; it is a genuine, practical plan to do something to increase the supply of affordable housing.” |
