The federal government has reached a new milestone agreement under the Housing Accelerator Fund.
On Friday, Prime Minister Justin Trudeau announced that an agreement had been made to provide Brampton with more than $114M to break down barriers to homebuilding. The agreement eclipses Hamilton’s $93.5M deal, making it the largest to date.
The funds will expedite the building of over 3,150 new housing units over the next three years, and lead to the construction of 24,100 new homes over the next decade.
"We're taking bold steps to build more homes faster for the people of Brampton by collaborating with the City to overcome barriers to affordable housing construction," said Kamal Khera, the Minister of Diversity, Inclusion, and Persons with Disabilities
"Today's partnership under the Housing Accelerator Fund marks a significant move forward, fast-tracking constructions of new housing units and homes that will support thousands of families in Brampton to find an affordable place to call home. Our commitment is to make life more affordable for Canadians, and housing is at the heart of that mission."
The HAF is a $4B initiative intended to speed up the creation of 100,000 new homes across Canada by 2026-2027. More than 500 municipalities have submitted applications detailing initiatives they'll take to boost their housing supply and speed up approvals.
Brampton’s agreement will allow for high-density development near the city’s transit corridors, reduce barriers to the development of housing in key areas, and create new incentive programs for affordable housing.
As has become a theme in other HAF deals, the City has committed to expanding as-of-right zoning, including permitting four units and four storeys within 800 m of transit.
Hamilton, Vaughan, Halifax, and London have likewise agreed to allow four units on one lot. In an effort to access HAF funding, Mississauga Mayor Bonnie Crombie utilized her strong mayor powers to permit the housing type after City Council voted against such zoning changes.
"We need to build more homes, faster. That means working with Mayors that want to cut red tape and help change the way we build homes in this country," Trudeau said.
"By investing in programs like the Housing Accelerator Fund, we’re building the foundation for a more stable, affordable, and prosperous life for millions of Canadians from coast to coast to coast."