Launching the Canada Rental Protection Fund
OTTAWA, ON, March 7, 2025 /CNW/ - Today, the Government of Canada announced the launch of its call for applications to select one or more organizations that will support the Canada Rental Protection Fund.
Across the country, affordable rental apartment buildings are disappearing faster than new ones can be built—lost to redevelopment, rising rents, and conversions. This growing gap drives up costs, limits housing options, and forces renters out of their communities. To address this urgent challenge, the federal government is launching the Canada Rental Protection Fund, which is part of Canada's Housing Plan, and was also reiterated in Budget 2024.
This new initiative, aimed at preserving existing, market-owned affordable rental units and preventing further loss, will help safeguard housing stability for Canadians, ensuring more people can continue to live in homes they can afford.
This call for applications aims to select one or more organizations that will support community housing providers to acquire rental apartment buildings and preserve the affordability of rents over the long-term. The successful applicant(s) will leverage federal funding to attract other sources of capital (e.g. private, philanthropic and other public investments) with the aim of creating a revolving source of funds for acquisitions, supporting the growth and autonomy of the community housing sector.
With the Canada Rental Protection Fund, the federal government is helping protect Canada's existing housing stock and its affordability. The Government of Canada is committed to solving the housing crisis using all tools at its disposal and to ensuring that everyone in Canada has access to housing they can afford.
Quote
'We need to get governments back in the game on social housing. With the Rental Protection Fund, the federal government is empowering the community housing sector to protect affordable housing options for all Canadians.'
The Honourable Nathaniel Erskine-Smith, Minister of Housing, Infrastructure and Communities
Quick facts
The Canada Rental Protection Fund will provide $1.47 billion ($470 million in non-repayable contributions funding and $1 billion in low-interest loans) to support the acquisitions of existing, privately-owned, multi-unit residential buildings by community housing providers. This is a five-year commitment, starting in 2025.
The call for applications for the CRPF has now launched. Applications can be submitted until May 21, 2025, at 4:00 p.m. [ET].
The Canada Rental Protection Fund is part of the whole-of-government approach to address housing challenges as outlined in Solving the Housing Crisis: Canada's Housing Plan. It aligns with one of the key objectives of the third pillar of the Plan – Helping Canadians who can't afford a home – which is to increase the supply of affordable housing.
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