Helping build more homes, faster in Cambridge

CAMBRIDGE, ON, March 7, 2024 /CNW/ - With federal funding and federal leadership, we are changing how cities let housing get built in their municipalities. With a greater focus on higher density housing, student housing, homes near transit and affordable housing, we are going to get more homes built for Canadians at prices they can afford.

Today, the Government of Canada and the City of Cambridge announced that they reached an agreement to fast track 357 housing units over the next three years. The City of Cambridge estimates that this deal will help spur the construction of more than 3,600 homes across the city over the next decade.

The agreement under the Housing Accelerator Fund (HAF), will provide over $13.3 million to eliminate barriers to building the housing we need, faster. Cambridge's Action Plan commits to eight local initiatives that enable a variety of housing forms and densities to meet the growing needs of the community. The funding will help make more shovel-ready municipal lands available for affordable housing, aid in creating more housing density around transit, provide financial incentives for building homes in key growth areas, and streamline the approvals and zoning process.

HAF is helping cut red tape and fast track at least 100,000 permitted new homes over the first three years, which cities and regions estimate will lead to the creation of more than 750,000 permitted new homes for people in towns, cities, and Indigenous communities across Canada over the next decade. 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. 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. We will continue to work with provincial, territorial, and municipal governments, as well as Indigenous partners, to keep building more homes for Canadians, faster.

"Today's announcement will help fast track over 350 homes in the next three years and more than 3,600 homes over the next decade. By working with cities, mayors, Indigenous partners, and all levels of government, we are helping to get more homes built for Canadians at prices they can afford."- The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities

"Since our government was elected, we have made housing a top priority. From the Rapid Housing Initiative, to the current Housing Accelerator Fund, we're working directly with municipalities who know the needs of their communities to ensure these investments get to Canadians. By working collaboratively with the City of Cambridge, our government is continuing to get more homes built, quickly, through the Housing Accelerator Fund." ? Bryan May, Member of Parliament for Cambridge

"Through innovation and partnerships with local governments, we can build the homes we need in our cities and towns and create affordable inclusive and diverse communities. Partnering with Cambridge through the Housing Accelerator Fund does just that. We will continue to work to make life more affordable and create strong, more prosperous communities here in Ontario and across our great country." ? Valerie Bradford, Member of Parliament for Kitchener South?Hespeler

"Today is the fourth community in the Waterloo Region to receive support through the federal Housing Accelerator Fund (HAF). The federal government is doing our part to address the housing crisis in Canada. Through the HAF, the Government of Canada is continuing to work directly with municipalities to help ensure more housing is built in all our communities." ? Honourable Bardish Chagger, Member of Parliament for Waterloo

"Across the country, the Housing Accelerator Fund is speeding up the construction of new housing units. From reducing red tape, speeding up permits and getting more people housed ? this investment is how we build more homes, faster." ? Tim Louis, Member of Parliament for Kitchener?Conestoga

"Cambridge is in the enviable position of being a city of growth. Our location, coupled with businesses establishing here because of our skilled workforce, and just being a great place to live has created a housing shortage over and above our normal average. This funding will allow us to continue to build on what we have at the pace necessary to provide more homes for those in our community and those still to come. We will be able to apply the funding to make progressive changes to our policies and procedures, enabling to build more homes faster." ? Jan Liggett, Mayor of Cambridge

• Today's announcement was made by Bryan May, Member of Parliament for Cambridge, on behalf of the Honourable Sean Fraser, Minister of Housing Infrastructure and Communities, Valerie Bradford, Member of Parliament for Kitchener South?Hespeler, and Jan Liggett, Mayor of Cambridge. 
• 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 almost 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

SOURCE Canada Mortgage and Housing Corporation (CMHC)