Mr. Speaker, in November 2023, Canada and Quebec announced an agreement to implement the housing accelerator fund in the province of Quebec. This agreement included a total federal contribution of $900 million, aimed at creating tens of thousands of housing units and implementing regulatory reforms in Quebec. A subsequent agreement was signed for an additional $92 million, bringing the total federal contribution to Quebec under the housing accelerator fund to $992 million. The contribution corresponds to nearly 23% of the total federal funding, the aim of which is to add at least 112,000 residential units over and above historical averages across Canada by 2028.
The Quebec government matched this investment with an additional $992 million, bringing the combined total to over $1.9 billion. This funding is set to directly create 8,000 social and affordable housing units, with 500 units specifically allocated for individuals who are homeless or at risk of homelessness. Canada's financial contribution, which is delivered by Quebec, supports the provincial initiatives to accelerate the construction of residential units to meet its housing needs.
Canada Mortgage and Housing Corporation has no housing accelerator fund agreements with municipalities in Quebec. Federal funding of $992 million to Quebec over five years started in 2023-24. To date, Canada Mortgage and Housing Corporation has advanced $721 million of the $992 million to the province through two payments.
Project selection, commitment and disbursements are the sole responsibility of the province. In choosing projects, the province has committed to selecting those that meet the objectives of the housing accelerator fund and the requirements of applicable Quebec programs and initiatives. To the extent possible, project selection takes into account regional distribution in conjunction with regional needs.