THUNDER BAY -- Social housing officials in Thunder Bay were waiting to see what last Wednesday's federal budget means for them as more than $11-billion is being set aside for affordable housing.
The announcement was one of the few standout points in the budget delivered by Finance Minister Bill Morneau.
The $11.2 billion of funding over 11 years is less than the $12.6 billion over eight years that was originally requested by a collection of the country's biggest mayors.
Thunder Bay DSSAB officials said Morneau had warned them last year about the potential disparity.
Most of that spending will occur after 2022, which could leave a two-year gap in funding, from the end of the current program until the new one.
“If there is going to be a gap year that’ll be difficult because we’ve gotten use to allocating money especially for that Ontario Renovates Program,” Bradica said.
The budget also sets aside $15-billion for a bank for the Canada Mortgage and Housing Corporation.
Cities and provinces could take loans against it, to help fund social and infrastructure projects.
(TBT News)
