Canada’s federal housing agency is lending billions of dollars to boost construction of rental homes without routinely disclosing the recipients of the money or where the units are being built, shrouding in secrecy a program designed to address the country’s housing shortfall by providing developers with low-cost financing.
The Rental Construction Financing Initiative is one of Ottawa’s major efforts to boost home construction. It was announced in 2016 with $2.5-billion in funding, which has grown to more than $25-billion, making it the largest program in the government’s National Housing Strategy, a bundle of different initiatives intended to improve access to affordable units.
IN THE NEWS: Globe & Mail - CMHC won’t reveal where billions of dollars in rental construction loans are going
https://www.theglobeandmail.com/business/article-cmhc-rental-housing-construction-loans/