The federal government is making quick work of the Housing Accelerator Fund, having reached a second agreement in less than one month.
On Thursday, Prime Minister Justin Trudeau announced that an agreement had been made to provide the City of Vaughan with over $59 million to eliminate barriers that stand in the way of homebuilding.
The funds will fast-track the building of over 1,700 new housing units and incentivize the creation of thousands of additional homes over the next three years. Over the next decade, the agreement will lead to the construction of more than 40,000 new homes in the city.
“The status quo on home building in this country just isn’t working. We need more apartments, affordable housing, homes within walking distance of public transit – and we need to do it faster,” Trudeau said.
The Housing Accelerator Fund (HAF) is a $4 billion initiative intended to speed-up the creation of 100,000 new homes across Canada by 2026-2027. In mid-September, London became the first beneficiary of the fund with a $74 million agreement.
To access funding, local governments must submit an application outlining their supply growth targets, as well as specific initiatives to boost supply and speed up approvals.
Vaughan’s HAF agreement will allow for high-density development near public transit, prioritize building apartments and affordable housing, and fix outdated permitting systems to speed up development. As well, the city will amend a zoning by-law to allow for the construction of up to four residential units on one lot.
Earlier this week, Housing Minister Sean Fraser urged Mayor bonnie Crombie to include permitting multiplexes in Mississauga’s HAF application. London’s agreement also includes allowing multiplexed in low-density neighbourhoods.
“With federal funding and federal leadership, we are changing how cities let housing get built in their communities. Today’s announcement will help create thousands of new homes for those who call Vaughan home,” Fraser said on Thursday.
“By working with cities, mayors, and all levels of government, we are helping to get more homes built for Canadians at prices they can afford.”