Mr. Speaker, Canada is facing a housing crisis that demands bold action. That is why the Government of Canada has introduced the most ambitious housing plan in our country's history. This is a team Canada moment, when we must all come together and focus on what matters most for Canadians: housing, affordability and a resilient economy. We are working closely with all levels of government, indigenous partners and the private sector to get the job done for Canadians.
People across the country are struggling to pay their mortgage and their rent and to keep up with the high cost of living. That is why our new government has moved forward with a middle-class tax reduction, like my colleague mentioned, that will provide tax relief for nearly 22 million Canadians, saving families up to $840 a year. It is why we are helping young families buy their first home, by eliminating the GST for first-time homebuyers.
We need to build at scale quickly and bring down the cost for home builders. That is why we are working with municipalities to cut development charges in half for all multi-unit housing projects.
Yesterday the Prime Minister launched “build Canada homes”, which will be responsible for building and financing affordable housing at scale. With an initial capital investment of $13 billion, it will catalyze a more productive homebuilding industry and support more affordable housing options for low- and middle-income households. We have also clarified the definition of affordable housing, making it based on income rather than on median rent in the area.
We are going to do that with Canadian innovation, Canadian material and Canadian workers, and we are going to continue building on the success of programs like the $4.4-billion housing accelerator fund. Through this program, we have signed more than 240 agreements with municipalities to cut red tape and increase housing density. That is what partnership is about. These actions are expected to support the construction of more than 750,000 new homes over the next decade.
Finally, our government is taking action to grow and protect the supply of rental housing. We have removed the GST on new purpose-built rental buildings and have committed more than $24 billion in loans to build almost 65,000 units through the apartment construction loan program.
The federal government is using every tool at our disposal to lead transformative change in Canada's housing system and to make sure that every Canadian can find a home that meets their needs and their budget. We are taking action. We are there for Canadians. We hope the opposition can support us.