TORONTO — Over the last few weeks, Ontario municipalities such as Caledon, Guelph, Hamilton and North Bay have been rewarded with funding for exceeding 2023 housing targets.
The announcements were made by Premier Doug Ford, Minister of Municipal Affairs and Housing Paul Calandra and Associate Minister of Housing Rob Flack.
Funding can be used to invest in housing- or community-enabling infrastructure.
Guelph was provided with $4.68 million through the Building Faster Fund after the city made substantial progress towards meeting its 2023 housing target, breaking ground on a total of 1,287 new housing units last year.
Hamilton received $17.58 million as the city exceeded its 2023 housing target, breaking ground on a total of 4,142 new housing units last year.
Caledon, which broke ground on 778 new housing units last year, will be getting $2.83 million from the province and $400,000 in funding will be provided to North Bay for breaking ground on a total of 202 new housing units last year.
The Building Faster Fund, announced in August 2023, is a three-year, $1.2 billion program that is designed to encourage municipalities to address the housing supply crisis.
Funding is provided to municipalities that have reached at least 80 per cent of their provincially assigned housing target for the year with increased funding for municipalities that exceed their target.
Any unspent funding from the Building Faster Fund will be made available for housing-enabling infrastructure to all municipalities, including those that have already received funding as a result of reaching their targets, through an application process, adds the release. In addition, 10 per cent, or $120 million, of the fund is being set aside for small, rural and northern municipalities.
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