Thank you, Mr. Chair.
Before I begin, I would like to acknowledge that the land on which we gather today is part of the traditional territories of the Algonquin Anishinaabe people.
I'm very pleased to appear before this committee today to talk about one of the affordability measures that we introduced in the House of Commons on September 20, the one time top-up to the Canada housing benefit.
Our government has made housing a priority throughout its mandate. We all believe that every Canadian deserves a safe and affordable place to call home, but we also recognize that it is becoming increasingly challenging for many Canadians to afford rent or to find housing across the country. As part of our efforts to make life more affordable for Canadians in all aspects of their lives, our government recognizes that many need immediate additional assistance.
That is why we have introduced this legislation to provide a direct federal government housing top-up payment of $500 to 1.8 million Canadians who are struggling with the cost of rent. The impacts of the pandemic are still being felt by many Canadians. This one-time top-up will be a tax-free payment to provide direct support to low-income renters, those who are experiencing housing affordability challenges.
This federal benefit will be available to applicants with an adjusted net income below $35,000 for families, or below $20,000 for individuals, and who pay at least 30% of their adjusted net income on rent.
There's a reason housing is at the heart of Budget 2022, with more than $14 billion committed to doubling the number of new safe and affordable homes we're building across the country, to tackle the rising cost of housing and to find long-term solutions for the housing sector in Canada.
This new, one-time federal payment will be in addition to the already existing Canada housing benefit that is already delivered in partnership with provinces and territories. We know that families need the support now. That is why we are hoping that this payment will be launched before the end of the year.
This one-time payment for renters is another targeted approach to ensuring that vulnerable families are not left behind. It is part of our government's plan to make housing more affordable for all Canadians.
However, it is not enough to find a single solution to help the Canadians who need it most. The National Housing Strategy, a ten-year plan of over $72 billion, includes multiple solutions to make housing more affordable for everyone.
This includes programs like the rapid housing initiative, which has already delivered or is on track to deliver over 10,250 permanently affordable homes for the most vulnerable. As announced in budget 2022, the success of this program is leading us to move forward with the third round of the rapid housing initiative, which will deliver an additional 4,500 units of deeply affordable housing for the most vulnerable.
I want to close by reiterating that making life more affordable for Canadians who need it most is the top priority for our government. Our proposed one-time top-up payment to the Canada housing benefit will help us deliver on this priority and offer real help to Canadians who need it now.
These are the kinds of measures that our government is putting into action right now to tackle the housing crisis, while taking a human rights-based approach to housing.
I want to thank you, Mr. Chair, for this opportunity. I'm happy to answer any questions posed by my colleagues.