Everyone in Canada deserves a safe and affordable place to call home, including those facing systemic challenges to accessing affordable and safe housing options.
Last, Ahmed Hussen, Minister of Housing and Diversity and Inclusion, alongside the Kamal Khera, Minister of Seniors, and Arielle Kayabaga, Member of Parliament for London West, announced $10 million in federal funding for the BlackNorth Homeownership Bridge Program. This investment will help deliver an estimated 200 affordable homes to first-time homeowner Black families in the Greater Toronto Area within the next four years under the Shared Equity Mortgage Provider fund (SEMP).
Commenting on the $10m initiative, Kamal Khera, Minister of Seniors, said, “It is an example of how our Government is meeting the needs of Black Canadians who are in need of housing. I look forward to seeing this program help realize the dream of homeownership for families, seniors, and Canadians from coast to coast to coast.”
This program is led by BlackNorth Initiative in partnership with Habitat for Humanity Toronto. This initiative will support homeownership for Black Canadians through a shared equity mortgage structure.
The Homeownership Bridge Program (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 BlackNorth Homeownership Bridge Program is more than an affordable housing strategy. It is an economic and a racial inclusion strategy. Today’s investment in the Homeownership Bridge Program is a step forward in the federal government’s work to alleviate inequities faced by Black Canadians and supporting Black Canadians’ core housing needs,” explained Dahabo
Ahmed-Omer, Executive Director, BlackNorth Initiative.
This investment builds on previous announcements by the Government of Canada to support Black Canadians in achieving their dream of homeownership. These include a joint contribution of $40 million with Habitat for Humanity to create 200 additional homeownership opportunities for Black Canadians, as part of a recently announced $50 million investment through the National Housing Co-Investment Fund to support Black Canadian renters.
According to Ene Underwood, CEO of Habitat for Humanity GTA, “Systemic racism has left Black households with lower incomes, less household wealth, and other more subtle barriers to accessing the benefits of homeownership in Canada. When families go from renting, often in overcrowded, unsafe and unaffordable conditions to owning their own home, we see incomes go up, education levels increase, and health and wellness improve. By creating more inclusive communities together and with help from our real estate partners, we’re truly building a better
GTA for everyone.”
Reflecting on the meaning of the investment, Isaac Olowolafe, Chair and Founder of Dream Legacy Foundation commented, “”As chair of the BlackNorth Initiative Housing Committee, and on behalf of the Black Community, I am excited to see the impact the Homeownership Bridge Program will have for generations to come as a result of the partnership and collaborative efforts of the Government and other key institutional partners.”