Tuesday, May 21, 2024
HomeCANADAPM Trudeau Announces 'First Of Many' Housing Accelerator Fund Municipal Agreements

PM Trudeau Announces ‘First Of Many’ Housing Accelerator Fund Municipal Agreements

The Prime Minister, Justin Trudeau, today announced the federal government has reached an agreement with the City of London, Ontario, to fast-track the creation of over 2,000 additional housing units over the next three years alone, and build thousands more in the years to come. This is the first agreement under the Housing Accelerator Fund, which was launched earlier this year to cut red tape, fix outdated local policies like zoning, and build more homes, faster.

This agreement will provide $74 million to increase the housing supply in London. With this new funding, London will allow for high-density development without the need for re-zoning – eliminating a major barrier to creating the types of homes we need. London will also move to allow up to four units to be built on a single property in low-density neighbourhoods, dispose of city-owned land for more development, and create partnerships with non-profit housing providers to build more affordable homes. Overall, this plan means more homes close to public transit, more rental units for students, and more housing, ranging from duplexes and triplexes to small apartment buildings.

The Housing Accelerator Fund helps cut red tape and fast track at least 100,000 new homes for people in towns, cities, and Indigenous communities across the country. It asks for innovative action plans from local governments, and once approved, provides upfront funding to ensure the timely building of new homes, as well as additional funds upon delivering results. Every agreement under the Housing Accelerator Fund will require municipalities to end exclusionary zoning and encourage apartment building around public transit in order to help seniors, students, and families. Local governments are encouraged to think big and be bold in their approaches, which could include accelerating project timelines, allowing increased housing density, and encouraging affordable housing units.

The Government of Canada is making life more affordable for Canadians – and housing is key to our work. Our plan to double the rate of housing construction over the next decade will help build the housing supply we need. We will continue to work with provincial, territorial, and municipal governments, as well as Indigenous partners, to keep building more homes for Canadians, faster.

Quick Facts

  • Launched in March 2023, the Housing Accelerator Fund (HAF) is a $4 billion initiative from the Government of Canada that will run until 2026-27. It is designed to help cities, towns, and Indigenous governments unlock new housing supply through innovative approaches.
  • The HAF is part of Canada’s National Housing Strategy (NHS), an $82+ billion plan that has already committed to the creation and repair of over 400,000 units. Progress on programs and initiatives under the NHS are updated quarterly at www.placetocallhome.ca. The Housing Funding Initiatives Map shows affordable housing projects that have been developed through the NHS.
  • Since the creation of the NHS, the Government of Canada has supported the creation of over 113,000 units and the repair of over 126,000 units. These measures prioritize those in greatest need, including seniors, Indigenous Peoples, people experiencing or at risk of homelessness, and women and children fleeing violence.
  • Since 2015, the government has helped almost two million Canadians find a place to call home.
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