3. Invest directly in affordable housing programs

As discussed in #2, The Conservative Party has funded the Investment in Affordable Housing Initiative (IAH) and other similar programs. Current funding is projected to end in March 2019 and sits at $372 million per year (a $1.25 billion contribution over five years). While one of the goals is to increase the supply of affordable housing, the SOHC 2014 shows that many communities are using the funds to repair or renovate existing housing stock and very little growth in supply is occurring. The Conservative Party states that the IAH has helped 205,000 people. The Conservative Party has not announced any plans to increase the supply of affordable housing besides through the IAH.

The Conservative Party has been decreasing its investment in co-ops and social housing and has not announced any plans to restore or expand the funds stemming from the expiration of operating agreements. However, they have taken small steps to assist co-ops and social housing providers. In a letter from MP Bergen to COH staff she said,

 “In 2013, to assist housing providers, the federal government took steps to create more flexibility in some of its programs, giving eligible housing providers access to funding for capital repairs and renovations by removing some restrictions of prepayment of closed mortgages and extending the access to surplus funds beyond the end of their operating agreements.”

Additionally, MP Bergen wrote that,

“as announced in the Economic Action Plan 2015, our Government proposes to provide $150 million over four years, starting in 2016-2017, to further support social housing in Canada by allowing co-operative and non-profit social housing providers to prepay their long-term, non-renewable mortgages without penalty. This has been called for by the Co-operative Housing Federation of Canada and we are proud to have worked with them collaboratively.”

This is a good initial step, however, falls short of the amount of money required per SOHC 2014, which calls for increased investment into Canada and Mortgage Housing Corporation to reinvest spending as operating agreements expire. The forecasted government expenditures over a 10-year period beginning April 2015 were $9.792 billion and SOHC 2014 calls for 10 year spending of $13.840 billion. Adding $150 million over four years is helpful for qualifying housing providers but does not address the overall problems addressed in SOHC 2014.