OTTAWA,
ON, July 8, 2024 /CNW/ - To help tackle
the housing crisis, we need to change how housing gets built in
communities.
Today, the federal government announced that it is reopening the
Housing Accelerator Fund (HAF) application portal from July 15 to September 13, 2024. Following high
demand with more than 500 applications received in program's first
round, the Budget 2024 invested an additional $400 million in HAF. This funding will
incentivize more local governments to fast-track home construction,
resulting in an additional 12,000 new homes permitted over the next
four years.
This funding will only be available to applicants who applied
during the first round of the HAF but were not selected. Interested
applicants must update and resubmit their application, which will
need to integrate best practices from the previous round into their
own updated action plans to accelerate housing supply and bolster
affordability. Additionally, cities applying under the large/urban
stream are required to commit to implementing four units
as-of-right bylaws as part of their action plans.
Canada Mortgage and Housing Corporation will assess applications
for funding and successful applicants will be selected by the end
of 2024. Ambitious and innovative applications will be
prioritized.
Through the first round, HAF is helping cut red tape and fast
track at least 100,000 permitted new homes over the first three
years, which cities and regions estimate will lead to the creation
of over 750,000 permitted new homes for people in towns, cities,
and Indigenous communities across Canada over the next decade. It asks for
innovative action plans from local governments, and once approved,
provides upfront funding to ensure the timely building of new
homes, as well as additional funds upon delivering results. Local
governments are encouraged to think big and be bold in their
approaches, which could include accelerating project timelines,
allowing increased housing density, and encouraging affordable
housing units.
The Government of Canada is
making life more affordable for Canadians — and housing is key to
our work. We will continue to work with provincial, territorial,
and municipal governments, as well as Indigenous partners, to keep
building more homes for Canadians, faster.
Quotes:
"With the Housing Accelerator Fund, we are making it easier to
build the homes that Canadians need at prices they can afford.
There is more work to be done but this program has dramatically
changed how communities build homes in this country. With this
additional funding, we will keep building on the momentum, and
working with partners across the country, to end the housing crisis
once and for all." – The Honourable Sean Fraser, Minister
of Housing, Infrastructure and Communities
Quick facts:
- Launched in March 2023, the
Housing Accelerator Fund is a $4.4
billion initiative from the Government of Canada that will run until 2027-28. The first
round of funding totalled $4 billion,
and Budget 2024 added an additional $ 400
million to this program.
- The Housing Accelerator Fund is part of Canada's National Housing Strategy, an $82+
billion plan to give more Canadians a place to call home. Progress
on programs and initiatives are updated quarterly at
www.placetocallhome.ca. The Housing Funding Initiatives Map shows
affordable housing projects that have been developed.
- Please visit the Housing Accelerator Fund website for more
details.
- The Government of Canada will
negotiate an agreement with Quebec
that will further accelerate housing and provide more funding for
affordable housing in the province.
- On April 12, 2024, the federal
government released Solving the housing crisis: Canada's Housing Plan, supported by new
investments proposed in Budget 2024.
- As of March 2024, the federal
government has committed $50.97
billion to support the creation of over 146,000 units and
the repair of over 286,000 units. These measures prioritize those
in greatest need, including seniors, Indigenous Peoples, people
experiencing or at risk of homelessness, and women and children
fleeing violence.
Additional Information:
- Growing communities and building more homes, faster | Prime
Minister of Canada (pm.gc.ca)
- Canada's Housing Plan | Prime
Minister of Canada (pm.gc.ca)
- To find out more about the National Housing Strategy, please
visit www.placetocallhome.ca
SOURCE Government of Canada