The federal government has announced that the Canadian Housing Acquisition Fund (CHAF), a non-profit organization in the non-market housing sector, will manage a $1.5 billion fund to maintain affordable rental properties across Canada. Housing Minister Gregor Robertson made the announcement in Ottawa on Monday. The government says, following an open call for applications, that the Canadian Housing Acquisition Fund will deploy investments from the Canada Rental Protection Fund (CRPF), which is an initiative of Build Canada Homes. The fund is intended to help community housing providers acquire and maintain at-risk rental properties to protect affordable housing. The government says the initiative has the potential to protect 7,000 at-risk rental properties over its first five years. “Every Canadian deserves a place to call home. That is why our new government is taking decisive action to protect affordable rental housing through the Canada Rental Protection Fund, helping preserve affordable homes and ensuring more Canadians can remain in their communities,” Robertson said. The Canadian Housing Acquisition Fund says that affordable homes are being lost to redevelopment and rising rents. “While new construction remains essential, protecting the affordable housing that already exists is one of the fastest ways to prevent further losses and provide housing stability immediately,” a news release said. The Canadian Housing Acquisition Fund has opened its first stage of applications to access Canada Rental Protection Fund money. The CHAF says eligible community housing providers can apply to become pre-qualified. Once pre-qualified, organizations can bring forward eligible properties for investment consideration through regular intake cycles starting in October. Approved organizations will be given a combination of repayable and forgivable loans through the fund, which can be used to support the purchase of a property and the capital renewal required to keep it viable over the long term, the Canadian Housing Acquisition Fund says. “This is about more than protecting the affordability we have today; it’s about growing the community housing sector for the future,” said CHAF board chair Ray Sullivan. “Every home acquired becomes part of Canada’s community housing stock for the long term, creating lasting affordability and a stronger foundation for communities across the country.” The Canada Rental Protection Fund was established in the 2024 federal budget and is overseen by Build Canada Homes. The Canadian Housing Acquisition Fund was founded by groups including the Canadian Housing Renewal Association, The National Indigenous Collaborative Housing Inc., the Co-operative Housing Federation of Canada, and the BC Rental Protection Fund.
