Growing communities and building more homes, faster
Key Points
- $400 million top up to the Housing Accelerator Fund to expedite home construction and invest in affordable housing, aiming to fast-track 12,000 new homes in three years.
- Launching the $6 billion Canada Housing Infrastructure Fund to accelerate construction and upgrading of critical housing infrastructure, including water, wastewater, stormwater, and solid waste infrastructure. The fund provides $1 billion to municipalities for urgent housing-related infrastructure needs and $5 billion for agreements with provinces and territories.
- To access this funding, provinces and territories must commit to specific actions, such as promoting multi-unit housing, freezing development charges, updating building codes, facilitating as-of-right construction, and implementing measures from the Home Buyers’ and Renters’ Bills of Rights.
- Provinces have until January 1, 2025, and territories until April 1, 2025, to secure agreements; otherwise, their funding will be transferred to municipalities.
- Municipalities seeking long-term funding for transit must take steps to unlock housing supply, including eliminating parking requirements near transit lines, allowing high-density housing near transit lines and post-secondary institutions, and completing Housing Needs Assessments for larger communities
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