Housing Accelerator Fund will result in over 750,000 additional new homes

HALIFAX, NS, March 4, 2024 /CNW/ - Canada is in a housing crisis. Municipalities have an important role to play in addressing this crisis by removing outdated approaches to permitting and zoning that are not keeping pace with the growth of our communities. But, they cannot do this alone.

To help them, we launched the Housing Accelerator Fund. We used the fund to negotiate agreements with municipalities across the country and with the Government of Quebec that have resulted in major changes that will make it easier to build homes.

The Housing Accelerator Fund has led to the largest upzoning movement in Canadian history, with 179 final agreements that have advanced ambitious housing reforms in big cities, small towns, rural communities, and indigenous communities in every region of the country.

The program was extremely competitive, with 540 applicants. In order to secure federal funding, cities across Canada revised their applications to include more ambitious measures that will help build more homes in order to improve their chance at receiving federal support.

In the first three years, the program will fast track more than 107,000 permits for new homes. 

Over the next decade, these agreements will be responsible for more than 750,000 newly permitted homes.

This program is going to help get more homes built, faster and ensure that we have more homes at prices that Canadians can afford to rent or buy.

"The Housing Accelerator Fund is going to help make it easier to build the homes that Canadians need at prices they can afford. There is more work to do, but this program has dramatically changed how communities build homes in this country."? The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities

• Today's announcement was made by the Honourable Sean Fraser, Minister of Housing, Infrastructure.
• The Housing Accelerator Fund program received 544 applications, of which 179 resulted in signed agreements. Local announcements can be expected in the near future.
• 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.
• The Housing Accelerator Fund is part of Canada's National Housing Strategy (NHS), an $82+ billion plan to give more Canadians a place to call home. Progress on programs and initiatives are updated quarterly at www.placetocallhome.ca. The Housing Funding Initiatives Map shows affordable housing projects that have been developed.
• As of September 30, 2023, the Government of Canada has committed over $38.89 billion to support the creation of over 152,000 units and the repair of over 241,000 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.

• Housing Accelerator Fund
• Housing Accelerator Fund ? Building more homes, faster
• Building more homes, faster
• Making housing more affordable for Canadians
• National Housing Strategy
• HAF Best Practices

SOURCE Canada Mortgage and Housing Corporation (CMHC)