Canada expands loan program to include on- and off-campus student housing

The Government of Canada has announced that it will expand the Apartment Construction Loan Program to include on- and off-campus student housing. Starting this Fall, postsecondary institutions will be able to apply for low-interest loans for the construction of rental units. “This is going to have a positive impact because universities and colleges often times own wide swaths of land,” said federal housing minister Sean Fraser. “Nonprofit builders and private developers will also be able to build student residences on or near campuses as a result of the policy change.” The application process will open in 2024.