Canada Launches $4 Billion Housing Accelerator Fund to Fast Track 100,000 New Homes

The Housing Accelerator Fund Initiative, The Prime Minister, Justin Trudeau, was in Guelph, Ontario today to launch the Housing Accelerator Fund (HAF), a $4 billion initiative that will provide funding for local governments to fast track the creation of 100,000 new homes across Canada. Local governments are now invited to develop innovative action plans, in line with the flexible criteria, to remove barriers to building more homes, faster.

Funding for Local Governments

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towns, and Indigenous governments unlock new housing supply by speeding up development and approvals, like fixing out-of-date permitting systems, introducing zoning reforms to build more density, or incentivizing development close to public transit.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 Fund will provide upfront funding to support implementation, as well as additional funds upon delivering results.

Doubling Housing Construction Rate

Over the next decade, the Government of Canada aims to double the rate of housing construction to make housing more affordable. Building more housing, including affordable housing, is a key part of making life more affordable and building an economy that works for all Canadians. When we work together across orders of government, we can build a better future for the middle class and people working hard to join it.

Government Officials’ Comments

“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.” – Prime Minister, Justin Trudeau

“The Housing Accelerator Fund is a bold new initiative to address the pressing need for housing in Canada. We recognize that the key to increasing housing affordability is to boost the supply of homes available to Canadians. By partnering with local governments, this fund will enable us to create long-term systemic changes in our housing system and make a tangible impact in increasing housing supply. With this initiative, our government is helping more Canadians access a home that meets their needs and is within their means. This is a significant step toward building more housing faster in our cities and ensuring that everyone has a safe and affordable place to call home.” – Ahmed Hussen, Minister of Families, Children and Social Development

Source: NNN News