Madam Chair, we intend to undertake nationwide consultations in the coming year to develop a national housing strategy, so that future federal investments have the greatest possible impact and so that the social housing sector can find new ways to become self-reliant in our country.
To help address local affordable housing needs, we have promised to double federal funding under the investment in affordable housing initiative, by investing $504.4 million over two years. These federal investments are going to be cost-matched by provinces and territories, allowing us to really increase the impact on this investment. The funding will be used to construct new affordable housing units, to renovate and repair existing ones, and for rent supplements and other measures. We expect 100,000 households will benefit from the doubling of funding for this initiative.
In addition, and to encourage the construction of affordable rental housing, we are also expecting to provide $208 million over five years to the Canada Mortgage and Housing Corporation to establish an affordable rental housing innovation fund, making a real difference in that sector as well.