CMHC - Housing Accelerator Fund (HAF) đ
In its 2022 Budget, the Federal Government announced the $4 billion Housing Accelerator Fund (HAF) to provide incentive funding to local governments to increase the supply of new housing. The Fund, administered by the Canadian Housing and Mortgage Corporation (CMHC), runs until 2026/2027 and is expected to result in building permits being issued for 100,000 new housing units across Canada.
The grant funds are intended to support initiatives that remove barriers to housing supply, accelerate the growth of supply and support the development of complete, low-carbon and climate-resilient communities which are affordable, inclusive, equitable and diverse.
On May 2nd 2023, staff presented the opportunity to apply for the CMHC funding which council supported. Staff estimate that the plan has the potential to create an additional 407 units of housing above our baseline, over the three-year program timeline, which would make the City eligible for over $10 m in grant funding.
Report to Council