Mr. Speaker, I thank my colleague from Vancouver East for giving me the opportunity to speak about the rapid housing initiative, which the Prime Minister launched on October 27. This is an important new program that will quickly give more vulnerable Canadians a place to call home at a time when it is needed most.
Some of those hit hardest by COVID-19 are those who also find themselves in precarious housing. This includes seniors, women and children fleeing violence and people experiencing homelessness.
For example, it is impossible to safely shelter in place when people do not have a place to call home. Our government has recognized this and mobilized quickly to offer a number of supports to address these urgent housing needs. This includes additional funding of more than $236 million for reaching home, Canada's homelessness strategy. These funds will help communities to extend and expand the emergency measures put in place at the onset of the COVID-19 pandemic as well as provide them with the flexibility to deliver housing solutions.
Many parts of the country are now in the second wave of the pandemic. As my colleague has noted, temperatures are dropping. It is clear that we need more affordable housing. We need it urgently and our government is committed to helping make this happen.
That is where our government's rapid housing initiative comes in. This program represents $1 billion in federal investments. It will create 3,000 new permanent affordable housing units across the country. All units will be completed within 12 months from the signing of the funding agreement. It will focus on creating housing for Canadians in severe need, people who are experiencing homelessness or living in temporary shelters as a result of the COVID-19 pandemic. At the same time, the program will stimulate the economy, creating good jobs when they are needed most.
The rapid housing initiative will be delivered through Canada's national housing strategy, a 10-year, $55 billion-plus plan, but it will be delivered on a much more accelerated timeline. One half of the program's funds will be delivered directly to cities with the highest levels of housing needs in homelessness. The other half will fund projects led by provinces, territories, municipalities, indigenous organizations and non-profit organizations. All projects funded through this initiative must be completed within one year. The funding can be used to build modular housing, buy land or convert existing buildings for affordable housing.
I have spoken to our partners in cities, provinces and territories in the housing sector and they advised on the design of the program. They are quickly mobilizing the seizing of this opportunity. Our government is proud to be working hand in hand with these dedicated partners to ensure our most vulnerable people can be safely housed now and can thrive in the years to come.
I will note that the parliamentary secretary for housing is one of the most able-minded individuals in Canada when it comes to non-profit housing. I am proud to have him as a member of this caucus. I know on numerous occasions he has stated these types of words and in fact he assisted me in this speech. At the end of the day, we have a caring, compassionate government like no other government before it with respect to investments in future development of a truly national housing strategy.