Mr. Speaker, I want to thank the hon. member for her question of November 24 on affordable housing. I welcome the opportunity to once again explain the government's position on this issue, which we have done many times.
I want to remind the hon. member that the government has a strong record on housing. As I have said on previous occasions, our government has invested more than $16.5 billion in housing since 2006. This has directly benefited more than 900,000 individuals and families across Canada.
Economic action plan 2014 confirmed yet again that our government is committed to ensuring that low-income families and vulnerable Canadians have access to quality and affordable housing.
Our government realizes that some Canadians face financial constraints or have distinct housing needs that impede their participation in the housing market. This is precisely why we have invested heavily in housing and why we continue to work with our provincial partners, the territories, and other stakeholders across Canada to ensure that access to housing remains available to those most in need.
One way we are doing this is by renewing the investment in affordable housing to March 2019, with a federal funding component of $1.25 billion over five years. This funding is being matched by the provinces and territories. It is being delivered through the renewal of existing bilateral agreements.
This collaborative approach has worked well since the investment in affordable housing was first introduced in 2011. This happens in large part because it gives the provinces and territories the flexibility they need to invest in a range of affordable housing programs to meet their local needs and priorities.
We are also providing support annually to households living in existing social housing, including low-income families, seniors, people with disabilities, and aboriginal people. Provinces and territories also contribute to this housing. It is provided under long-term agreements with housing groups. As we previously advised the House on November 25, these agreements span 25 and 50 years, and when they mature, federal government funding ends, as planned. Maybe the opposition just does not understand that when one's mortgage expires, one actually stops paying the bank, but the public understands this.
The majority of non-profit and co-operative housing projects are expected to be financially viable and mortgage-free at the end of these operating agreements. With mortgages now paid off, operating expenses will decrease and housing providers will be in a position to continue to offer affordable housing.
As I mentioned a moment ago, provinces and territories can use the federal funding from the investment in affordable housing to assist housing groups after their operating agreements mature, should the provinces and territories and other operators choose to do so. Our government has provided this flexibility to these partners.
Our government has also taken steps to give some social housing projects greater flexibility when their operating agreements mature. Social housing providers whose operating agreements allow for the establishment of a subsidy surplus fund can now retain any money they may have in this fund after the operating agreements mature. These funds can be used to continue the lower cost of housing for low-income households living in existing social housing. That opportunity and flexibility lies within this partnership
As members can see, our government has taken a common-sense, responsible approach to investing in affordable housing in Canada. We are allowing existing agreements to end, as they were planned to end, but are making needed investments elsewhere in co-operation with the provinces and territories to continue to reduce the number of Canadians in housing need.