Madam Speaker, I am pleased today to have the opportunity to talk a little bit about the Government of Canada's affordable housing program.
Canada Mortgage and Housing Corporation, our national housing agency, is responsible for carrying out the government's housing policy and national housing strategy which involves improving housing affordability, accessibility and choice in housing for all Canadians.
The Government of Canada works in close collaboration with the Government of Quebec on housing issues. In fact, contrary to statements that have been made, last December an agreement on affordable housing was reached between CMHC and the Société d'habitation du Québec. The agreement foresees a total contribution of $323.3 million in order to increase the availability of affordable housing in the province of Quebec; $161.65 million from the Government of Canada, $104 million from the Government of Quebec, and $57 million from the municipalities that will benefit. Obviously it is a true partnership. The program was officially launched in March and means that 6,500 new affordable rental housing units will be produced in Quebec.
Furthermore, to improve service to clients and make more efficient use of resources, the government has offered to transfer its remaining responsibilities in social housing administration to the province of Quebec with financial compensation. This also means that Quebec would then be allowed to retain the $30 million a year, estimated to be the amount in annual savings for investment in existing social housing stock, or, if it chooses, in new housing stock.
This is part of the Government of Canada's overall commitment to the affordable housing initiative. We are offering a total of $680 million to help Canadians across the country with affordable housing and, with matching contributions from provinces and territories, the total investment exceeds $1.36 billion in affordable housing. The recent Speech from the Throne committed to expanding on that initiative.
I would like to highlight a few other existing initiatives. For example, our government provides $1.9 billion in housing assistance to support some 640,000 community based housing units for seniors, people with disabilities and lower income households across the country. This includes supports for non-profit and co-op housing projects in every community as well as support for low income aboriginal people in cities and on reserve. The member is probably familiar with some of that in his own riding.
Our government also accommodates provincial program designs that address particular needs. In Quebec we provide over $26 million per year in housing renovation, including several existing provincial programs which are compatible with the national program.
Furthermore, the mortgage loan insurance from CMHC helps Canadian homebuyers gain access to affordable financing choices and facilitates low cost financing for rental investors.
Through its research activities, CMHC has reached out and encourages innovation in housing design and technology, community planning, housing choice and finance to improve the quality, affordability and choice of housing availability throughout Canada.
Madam Speaker, I want to assure you and the member opposite, the government and CMHC, as the crown agency involved, have a very strong working relationship with the province of Quebec and will continue to work with them to deliver affordable housing to the people of that province.