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Jan 29, 2024 6:14 PM - The Canadian Press

Ottawa to offer universities, colleges low-cost loans to build new student housing

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

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.

Fraser is making the announcement today 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 enrolments that would reduce the number of new permits approved this year by 35 per cent.

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