Madam Speaker, I certainly welcome the member's remarks, although at the same time, her party has been long on rhetoric and short on action. She says that nothing has been done. That is not quite correct. The facts show that a lot has been done and a number of initiatives have been taken not only through the budget but through funding.
Having a safe and affordable place to call home is important to all Canadians. It is fundamental to Canadians' well-being and it is important to communities. Our government has taken a multi-pronged approach with the specific purpose of providing housing for all Canadians from all walks of life in all parts of our country while at the same time stimulating our economy and ensuring that jobs are created. In Canada the housing needs of 80% of Canadians are met through the marketplace. Canadians use their own resources either by obtaining a mortgage and buying a home or by renting.
For those Canadians who need some help to find housing they can afford, our government provides $1.7 billion each and every year in support of some 630,000 existing social housing households. In September 2008, our government committed more than $1.9 billion over five years to improve and build new affordable housing and to help the homeless. Building on this, Canada's economic action plan will provide a significant investment of $2 billion over two years to build new social housing and to repair and energy retrofit existing social housing.
These investments will improve the quality of life for low-income families, aboriginal Canadians, seniors, persons with disabilities and people living in the north. These are real actions and real help for those who most need it. This new funding will also help the economy. Building and renovating homes is a good way to get people working quickly. Most of the materials and supplies for these activities are made right here in Canada. In order to ensure quick implementation of our action plan respecting these measures, we will use existing programs and agreements. In this way, funding for social housing projects will flow quickly to those who need the help most.
I am especially pleased that Bill C-10, the Budget Implementation Act, was passed and received royal assent recently. It was not without some opposition in the other house and members of the opposition stalling its passage. However, its passage means that these funds will begin to flow very soon and that will provide help to Canadians who need it the most and who live in social housing.
We know that housing builds strong communities. These communities need strong infrastructure to thrive. In addition, Canada's economic action plan will provide up to $2 billion in direct low-cost loans to municipalities over two years through CMHC for housing related infrastructure projects in towns and cities across the country. There will be a focus on funding projects that are shovel ready. As this is a targeted, short-term, temporary measure intended to create jobs quickly, it will happen as the funds begin to flow. The types of eligible projects include sewers, water lines and neighbourhood regeneration projects.
Our economic action plan also includes measures that support home ownership in the housing sector. Through the insured mortgage purchase program, CMHC will take further steps to ensure there is stable long-term funding to lenders, allowing them to continue lending to Canadian consumers and businesses.
In addition, both the housing sector and homeowners will benefit from several important measures our government is taking. These measures include the home renovation tax credit that will provide up to $1,350 in tax relief, the first-time home buyers' tax credit, funds to enhance the energy efficiency of our homes, and increases to the withdrawal limits under the home buyers' plan. These are very positive, concrete steps that our government is taking.