'Protect, renew and expand': Federal, N.W.T. gov'ts inject $140M into territorial housing

The federal and N.W.T. governments announced Thursday they are investing $140 million in affordable housing in the territory.

The money is earmarked to "protect, renew and expand social and community housing," according to a joint press release between the two governments.

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"[The money will] support the Northwest Territories' priorities related to housing repair, construction and affordability," states the release.

The funding agreement falls under the federal government's National Housing Strategy, a $40 billion, 10-year plan to reduce homelessness across Canada. The strategy was unveiled a year ago.

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The investment announced today will be shared between the federal and territorial governments, with $87.7 million coming from the Government of Canada and $51.7 million coming from the territorial government.

It's a 10 year agreement and money is expected to start flowing April 1 of next year.

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This money will add to a previous federal investment of $150.4 million into housing — taken together, the federal government aims to preserve at least 1,231 community housing units in the territory.

According to the press release, the N.W.T. Housing Corporation currently has a housing stock of approximately 2,400 public housing units across the territory, and 500 affordable housing units.