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The government of Canada and the city of Peterborough, Ont., have announced they have reached an agreement to accelerate the construction of 356 homes over the next three years with plans for the construction of 2,531 homes over the next decade. This agreement under the second round of the Housing Accelerator Fund, will provide over $10.6 million. 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.
“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,” said Jeff Leal, mayor of Peterborough
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. Progress on programs and initiatives are updated quarterly at 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.