Mr. Speaker, I know the member for Trinity—Spadina does not like to acknowledge it, but economic action plan 2015 provides $150 million to support social housing in Canada by allowing social and co-op housing providers to prepay their long-term non-renewable mortgages without penalty. This initiative will allow eligible, co-operative and non-profit social housing providers to significantly reduce their mortgage expenses. With lower mortgage expenses, housing providers will be allowed to undertake capital repairs to improve the condition and quality of these housing units.
Listen to what the Co-operative Housing Federation's executive director Nicholas Gazzard had to say about this important investment being made by the Government of Canada:
This is very good news. The elimination of prepayment fees will make a real difference to housing co-ops, and the low-income households who make housing co-ops their home in communities across the country.
This is all in addition to ongoing federal investments that support close to 600,000 households living in existing social housing on and off reserve. It is in addition to federal investments that support the construction of about 400 new homes in first nation communities each year, as well as the renovation of 1,000 existing homes on reserve. The investment in affordable housing, which I mentioned previously, is a model of partnership and collaboration.
Federal funding is matched by the provinces and territories, which are responsible for designing and delivering programs to address local housing needs within their own jurisdictions. New housing is one way this money is being invested, but it is not the only answer to reducing the number of Canadians who have housing needs.
The provinces and territories can also invest in renovation projects. For example, they can provide rent supplements, shelter allowances and assistance toward home ownership. There are often other ways our government has invested in new housing. Economic action plan 2013 also extended the homelessness partnering strategy with nearly $600 million in funding over five years.
Our new evidence-based housing first approach aims to stabilize the lives of homeless individuals for the long term by first moving them into permanent housing and then providing additional supports that they may need.
I would also remind hon. members that we have made significant investments in new housing during the stimulus phase of Canada's economic action plan, including $400 million to build new affordable housing for low-income seniors, $75 million for new housing for people with disabilities, and a combined total of $600 million in housing construction and repairs in the north and on reserve across Canada. We also invested $1 billion in renovating and retrofitting existing social housing off reserve.
We will continue to meet our long-term commitments under existing agreements and we will continue to work with the provinces and territories to deliver effective social housing for Canadians across our great country.