GUELPH – The federal government says it is pledging four-billion dollars to provide funding for local governments to fast track the creation of 100,000 new homes across Canada
Prime Minister Justin Trudeau was in Guelph Friday morning to launch the Housing Accelerator Fund.
“Canada has the fastest growing population in the G7, but our housing supply hasn’t kept up with demand. The Housing Accelerator Fund will help local governments cut red tape and backlogs, build the housing we need, and give more people in Canada a safe and affordable place to call home. We will continue to work to make life more affordable and create stronger, more prosperous communities from coast to coast to coast.” Trudeau said.
In a news release the federal government says the Fund will help cities, towns, and Indigenous governments unlock new housing supply by speeding up development and approvals, like fixing out-of-date permitting systems, introducing zoning reforms to build more density, or incentivizing development close to public transit.
“Local governments are encouraged to think big and be innovative in their approaches. They could be accelerating project timelines, allowing increased housing density, encouraging affordable housing units, and more.” the press release stated.
The Fund will provide upfront funding to support implementation, as well as additional funds upon delivering results.
Full press release here.
