Federal government to launch $1.5B fund to protect affordable rentals

"Prime Minister Justin Trudeau unveiled a new $1.5-billion housing fund Thursday that he said will help non-profit organizations acquire more rental units across Canada and ensure they remain affordable.

The new Canada Rental Protection Fund will be part of the April 16 federal budget, which Trudeau's Liberals are already promoting aggressively as part of a long-term play to win back younger voters.

The fund will provide $1 billion in loans and $470 million in contributions to non-profits and other partners to help them acquire affordable rental units.

An existing rental protection fund in British Columbia is a good "proof of concept" for the initiative, Trudeau told a news conference in Winnipeg."