Canadian Prime Minister Justin Trudeau was in Toronto on Wednesday, where he announced a new $500-million public lands acquisition fund, which he said will allow the federal government to purchase lands to build more affordable housing.

Trudeau said the government would also lease public lands instead of selling them off, allowing the government to set up long-term leases on those lands that will ensure affordable prices.

“So, what we’re proposing is not just moving forward on long-term leases of federal public land to developers, to build that affordable housing that will be there for generations to come,” Trudeau said. He added, "But also, to work with municipalities to say, ‘If you want, we will take this unused land off of your hands, we’ll pay you well for it and with the money we pay you for it, you’re going to be able to develop affordable homes on that property.’”

The prime minister said many of the federally owned lands would be used to house co-operative housing and affordable rentals.

Speaking alongside Trudeau, Housing Minister Sean Fraser said building long-term housing solutions on these lands will take pressure off the existing housing stock, and also create an opportunity for Canadians to save up for a down-payment on a home.

For more info, please go to https://globalnews.ca/news/10441965/b...

Subscribe to Global News Channel HERE: http://bit.ly/20fcXDc
Like Global News on Facebook HERE: http://bit.ly/255GMJQ
Follow Global News on Twitter HERE: http://bit.ly/1Toz8mt
Follow Global News on Instagram HERE: https://bit.ly/2QZaZIB
#GlobalNews #trudeau #cdnpoli