GUELPH, ONT. — The federal government has announced the launch of its $4-billion Housing Accelerator Fund (HAF), intended to provide funding for local governments to fast-track the development of housing.
Local governments are now invited to develop plans in line with the HAF criteria to remove barriers to building more housing more quickly, stated a release.
The HAF application portal will open this June. A list of eligible system reforms is available on the website of the Canada Mortgage and Housing Corporation.
Examples of pinch points in the development and approval of housing include out-of-date permitting systems and the need for zoning reforms to build more density or to create incentives for development close to public transit, stated the release. The government statement said it is aiming to accelerate project timelines, allow increased housing density and encourage affordable housing. The HAF will provide upfront funding to support implementation as well as additional funds upon delivering results.
The HAF program was announced in the 2022 federal budget. It will run until 2026-27. Prime Minister Justin Trudeau announced HAF details in Guelph, Ont.
“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,” stated Minister of Housing and Diversity and Inclusion Ahmed Hussen in the statement. “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.”
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