Funding will support Black Canadians across the GTA to become homeowners and break the cycle of core housing needs

BY PAUL JUNOR

The issue of affordable housing in Canada is one that provincial, federal, and municipal governments have been wrestling with for years. This is particularly exacerbated for marginalized and disenfranchised communities who face many social, economic, and material challenges.

Ahmed Hussein, Minister of Housing and Diversity and Inclusion announced on Friday, February 18^th, 2022 that $10 million would be invested to fund the BlackNorth Homeownership Bridge Program (HBP). The HBP “Will support homeowners in building strength and generational wealth through their home, create ownership opportunities for multiple generations of homeowners, and will ensure housing units remain affordable across multiple owners to build inclusive communities.”

The press release provided additional information that shows how the federal government has been helping Black Canadians to become homeowners. Data shows that “Nearly a quarter of Black Canadians are in core housing need, 80% of them pay 30% or more of their income towards housing.” Through the Shared Equity Mortgage Providers (SEMP) fund, about $100 million have been made available to  “Give eligible buyers the ability to reduce their monthly mortgage payments without increasing the amount they must save for a down payment. The shared equity mortgage typically requires no monthly payment and is repaid along with a percentage of property appreciation when the property is sold.”

Furthermore, there have been 700 new homeownership units created through SEMP as of December 31^st, 2021. The press release indicated that as part of Canada’s National Housing Strategy (NHS), about $72 billion has been invested over a 10-year period to make it possible for Canadians to purchase a home. The foundational basis of the NHS is, “Grounded in a human rights-based approach to housing that prioritizes the needs of population groups that are in housing need or experience homelessness.”

The HBP announced by Minster Hussein involves the collaboration of the BlackNorth Initiative and Habitat for Humanity through SEMP funds. It will result in approximately 200 homes being purchased by first-time homeowners over the next four years within the Greater Toronto Area. The press release indicates that in the past 200 Black families have bought homes through a $40 million investment with Habitat for Humanity, which was part of a $50 million contribution from the National Housing Co-Investment Fund to help Black renters.

Minister Hussein states, “This funding will support Black Canadians across the GTA to become homeowners and break the cycle of core housing needs. This is another way our National Housing Strategy is ensuring no one is left behind.”

Wes Hall, Executive Chairman, and Founder, BlackNorth Initiative states, “We need to focus first and foremost on the most vulnerable of our Canadians including those who face unique challenges. Investment in the BlackNorth Initiative’s HBP highlights the Government of Canada’s commitment to both anti-racism initiatives and finding pathways to homeownership.”

To learn more about the HBP, check the website:www.newswire.ca