TOWN OF ALBERTON, PE, Feb. 6, 2025 /CNW/ - To make progress towards solving the housing crisis we need to build more homes at prices that Canadians can afford, faster. To do this we need to end restrictive zoning and speed up permitting, and add greater density, especially near transit and post-secondary institutions. The Housing Accelerator Fund (HAF) will cut this red tape and fast-track at least 112,000 new homes by 2028, which cities and regions estimate will lead to the creation of over 750,000 new homes for people in towns, cities, and Indigenous communities across Canada over the next decade.
Today, the Government of Canada and the Town of Alberton announced that they reached an agreement to accelerate the construction of 21 homes over the next three years. This work will help spur the construction of 79 homes over the next decade. This agreement under the second round of the HAF, will provide over $910 thousands to eliminate barriers to building the housing we need, faster.
HAF requires action plans from local governments, unlocking funding to ensure the timely implementation of housing initiatives, with subsequent payments 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.
Town of Alberton's Action Plan commits to six local initiatives such as conversions from non-residential to residential uses, create a municipally owned land bank initiative and creating a tiny homes and accessory dwelling unit incentive programs. They will also create a non-profit affordable housing providers program and create home equity and rent to own opportunities.
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.
Quotes:
"Our government is committed to removing barriers and cutting red tape to enable housing development, and these partnerships with Prince Edward Island communities will do just that." – The Honourable Nathaniel Erskine-Smith, Minister of Housing, Infrastructure and Communities
"Building more homes for people in Alberton, faster. That's how your federal government is solving the housing crisis. Working with the town of Alberton, we are going to make sure families have a safe, affordable place to live." – Bobby Morrissey Member of Parliament for Egmont
"The Town of Alberton are excited to be a part of this funding from the Housing Accelerator Fund. We welcome the opportunity to expand housing in our community and contribute to the growth of the municipality. To be able to offer incentives to developers will allow for a greater variety of homes for residents. Alberton is known as the heart of West Prince and we are pleased to be able to meet the growing needs of the Community." – Alan Curtis, Interim Mayor, Town of Alberton
Quick Facts:
- Launched in March 2023, the Housing Accelerator Fund is a $4.4 billion initiative from the Government of Canada that will run until 2027-28. The first round of funding totalled $4 billion, and Budget 2024 added an additional $400 million to this program.
- The Housing Accelerator Fund is part of Canada's National Housing Strategy and Canada's Housing Plan, the most ambitious federal housing plan in over 40 years. 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 2024, the federal government has committed $57.57 billion to support the creation of over 156,000 units and the repair of over 297,000 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.
- In Budget 2024, the federal government committed an additional $400 million to incentivize more local governments to fast-track home construction, resulting in an additional 12,000 new homes permitted over the next four years.
Associated Links:
- 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)
Media Contacts: Sofia Ouslis, Ministry of Housing, Infrastructure and Communities, [email protected]; Media Relations: Canada Mortgage and Housing Corporation, [email protected]
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