Ottawa to Offer Universities, Colleges Low-Cost Loans to Build New Student Housing

Ottawa to Provide Low-Cost Loans to Universities and Colleges for New Student Housing Construction

January 29, 2024 TruthUSA

Housing Minister Sean Fraser says post-secondary institutions will be able to apply for low-interest loans to build student housing starting this fall.

Post-secondary institutions will have access to a pre-existing program that offers developers low-cost financing to build rental apartments.

The Apartment Construction Loan Program was topped up with an additional $15 billion this fall, bringing the total funding available to $40 billion.

Mr. Fraser is making the announcement on Jan. 29 alongside other cabinet ministers as the House of Commons returns after a winter break.

The announcement comes as the federal government grapples with a ballooning international student program that has added strain to local housing markets.

Last week, the federal government announced a two-year cap on international student enrollments that would reduce the number of new permits approved this year by 35 percent.