Richmond Hill has become the latest beneficiary of the federal government's Housing Accelerator Fund.
On Monday, Housing Minister Sean Fraser announced that an agreement had been made to provide Richmond Hill with over $31M to break down the barriers to building housing.
The funds will help fast-track the building of over 780 housing units over the next three years, and spur the construction of more than 41,500 homes over the next decade.
"Thank you to the federal government for this investment, which will help encourage and incentivize builders to create affordable homes for people who work in Richmond Hill, seniors who want to downsize, and multi-generations of families who want to live close to one another in our community," said David West, the Mayor of Richmond Hill.
"This is only one step toward solving the housing crisis but it is an important one. We will continue to work with other levels of government to bring more affordable housing to those who want to make Richmond Hill their home."
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. More than a half-dozen cities, including Kelowna, Kitchener, and Calgary, have inked deals ranging from $31.5M to $228M.
To access funding, local governments are required to submit an application outlining their supply growth targets, as well as specific initiatives they plan to undertake in an effort to boost supply and speed up approvals.
Richmond Hill’s HAF agreement is primarily focused on increasing density and affordable housing, including encouraging missing middle housing and transit-oriented development.
Initiatives include zoning by-law changes to allow up to four units in residential areas where accessory dwelling units are permitted, allowing residential buildings up to four storeys in Major Transit Station Areas, accelerating housing-related infrastructure, and incentivizing affordable housing.
"More housing will unlock many new opportunities for growth in Richmond Hill. Safe and affordable housing is a catalyst that enables Canadians to achieve other goals — from raising healthy children to pursuing education, jobs, and opportunity," said Majid Jowhari, Member of Parliament for Richmond Hill.
"Proud to witness transformative investments in Richmond Hill, stemming from the strong collaboration between our government and municipalities. Together, we're breaking down barriers and building more homes in Richmond Hill and across Canada."