PETERBOROUGH, ON, Feb. 5, 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 City of Peterborough announced that they reached an agreement to accelerate the construction of 356 homes over the next three years. This work will help spur the construction of 2,531 homes over the next decade. This agreement under the second round of the HAF, will provide over $10.6 million 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.
Peterborough's Action Plan commits to seven local initiatives such as reducing parking requirements to lower development costs and enable higher-density housing. The plan aims to end exclusionary zoning by allowing the construction of up to four units as-of-right in urban-serviced areas. Moreover, incentives will be introduced to encourage the creation of a greater diversity of medium density housing in low-density residential neighborhoods, and vacant or underused public land will be leveraged to create affordable housing. To increase efficiency and speed up the approval process, a public-facing e-permitting portal will be implemented.
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 Ontario communities will do just that." – The Honourable Nathaniel Erskine-Smith, Minister of Housing, Infrastructure and Communities
"Building more homes for people in Peterborough, faster. That's how your federal government is solving the housing crisis. Working with Peterborough, we are going to make sure families have a safe, affordable place to live." – Mark Gerretsen, Member of Parliament for Kingston and the Islands
"Housing is a critical need in our community. This funding will help Peterborough build the foundation for greater housing development in our community. I would like to thank the federal government and the CMHC for recognizing the urgency here in Peterborough"– Jeff Leal, Mayor of Peterborough
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SOURCE Canada Mortgage and Housing Corporation
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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