The federal government has reached a third agreement under the Housing Accelerator Fund, and it's the largest to date.
On Tuesday, officials announced that an agreement had been made to provide Hamilton with $93.5 million to help fast-track the creation of over 2,600 housing units in the city over the next three years, and spur the construction of more than 9,000 homes over the next decade.
The Housing Accelerator Fund (HAF) is a $4B initiative intended to speed up the creation of 100,000 new homes across Canada by 2026-2027. London became the first beneficiary of the fund with a $74 million agreement in September, while Vaughan inked a $59 million deal last week.
To access funding, local governments must submit an application outlining their supply growth targets, as well as specific initiatives that will boost supply and speed up approvals.
"The Housing Accelerator Fund will help local governments make lasting changes to our housing system so that we can improve and increase housing supply for years to come," said Chad Collins, Member of Parliament for Hamilton East-Stoney Creek.
"Through innovation and partnerships with local governments, we can build the homes we need in our cities and towns, creating affordable, inclusive, and diverse communities. We will continue to work to make life more affordable and create stronger, more prosperous communities from coast to coast to coast."
Hamilton’s HAF agreement will allow for high-density development near rapid transit, including future Hamilton LRT stations, and make City-owned lands and brownfields available for development.
As Vaughan did, the City of Hamilton has agreed to expand as-of-right zoning, including amending a zoning by-law to allow for the construction of four residential units on one lot. Other initiatives outlined in Hamilton's agreement include an acceleration program for accessory dwelling units and multiplex conversions, and planning reviews and studies for rapid transit corridors beyond the LRT.
"I want Hamilton to be a great place to live for people of all ages and income levels," said Andrea Horwath, Mayor of the City of Hamilton. "To keep our city affordable, we need to introduce a range of new housing options and introduce innovative new approaches to creating and preserving housing."