Ontario hints at adjustments to grant system, enabling municipalities to accelerate housing construction
Ontario is set to make significant changes to the Building Faster Fund, a programme that rewards municipalities for achieving at least 80% of a housing target set by the provincial government. The changes aim to extend and improve the fund, ensuring it reflects the current market conditions.
The new measures will encourage municipalities to reduce development charges and speed up key infrastructure projects. This is in response to concerns from some cities and towns that rewarding or leaving out cities based on when construction starts is unfair.
The Building Faster Fund provides money for housing-enabling infrastructure, which is crucial for supporting the growth of communities across Ontario. However, only 23 of the 50 municipalities with assigned targets hit their thresholds this past year, down from 32 the previous year.
One example of a municipality that missed out on funding due to a presumably faulty counting procedure is the city of Kitchener. Despite reaching the 80-percent mark for housing activities, Kitchener missed a discount within the CMHC's Building Fund. Clarington, Ont., also missed qualifying for $4 million in funding by just 13 housing units.
The changes are expected to address these issues, making the fund more equitable and effective in supporting housing growth across the province. By ensuring the fund is reflective of current market conditions, the Ontario government hopes to encourage more municipalities to meet their housing targets and contribute to the province's growth.
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