PICKERING, ONT. — Pickering will be receiving $5.2 million in funding from the province through the Building Faster Fund as the city exceeded its 2023 housing target, Premier Doug Ford announced recently.
The city broke ground on a total of 1,502 new housing units last year.
The Building Faster Fund, announced in August, is a three-year, $1.2 billion program designed to encourage municipalities to address the housing supply crisis, indicates a release.
The fund rewards municipalities that make significant progress against their targets by providing funding for housing-enabling and community-enabling infrastructure.
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 will be made available for housing-enabling infrastructure to all municipalities, including those that have already received funding as a result of reaching targets.
In addition, 10 per cent – or $120 million – of the Building Faster Fund is being set aside for small, rural and northern municipalities to help build housing-enabling infrastructure and prioritize projects that speed up the increase of housing supply, the release states.
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