Georgina Receives Over $1.5 Million in Funding to Accelerate Housing Development
In a bid to address the pressing housing supply crisis, the Town of Georgina has secured a substantial funding boost from the provincial government. Today, Matthew Rae, Parliamentary Assistant to the Minister of Municipal Affairs and Housing, announced that Georgina will receive $1,522,520 in funding through the Building Faster Fund.
This funding injection comes as a recognition of Georgina’s remarkable progress in meeting its 2023 housing targets. The town embarked on a significant milestone last year by breaking ground on a total of 419 new housing units, underscoring its commitment to providing affordable housing solutions for its growing population.
“I want to congratulate Georgina and all municipalities that have worked tirelessly to accelerate housing projects,” stated Matthew Rae. “Our challenge to these municipalities now is to intensify their efforts in building more homes than ever before to enhance affordability and homeownership opportunities in Ontario.”
It was great to be in beautiful @georginatown yesterday to announce that they would be receiving over $1.5M through the Building Faster Fund.
In 2023, Georgina surpassed its housing target, ensuring more Ontarian’s can have an affordable and achievable place to call home. 🏡🏗️ pic.twitter.com/OBuGRekvTE
— Matthew Rae (@Rae_Matt) April 5, 2024
The Building Faster Fund, initiated in August 2023, aims to incentivize municipalities to combat the housing supply crisis. It rewards municipalities making significant strides towards their targets by providing funding for housing-enabling and community-enabling infrastructure. Georgina’s noteworthy progress has led to this substantial funding allocation.
Margaret Quirk, Mayor of Georgina, expressed gratitude for the provincial support, emphasizing the crucial role of partnerships in delivering housing solutions. “Home ownership is a dream for so many and this funding will help us in our work to increase supply.” said Mayor Quirk.
The Building Faster Fund includes provisions for small, rural, and northern municipalities, with $120 million allocated to expedite housing supply expansion through housing-enabling infrastructure projects.
The provincial government’s investment in housing and community-enabling infrastructure underscores its commitment to addressing Ontario’s housing challenges. Initiatives such as the Building Faster Fund, the Ontario Community Infrastructure Fund, and the Municipal Housing Infrastructure Program reflect concerted efforts to ensure affordable housing for all Ontarians.
In 2023, Ontario achieved significant milestones in housing development, reaching 99 percent of its target of 110,000 new homes. The province also witnessed record-high rental starts and the creation of additional residential units and long-term care beds.
Commentary:
The announcement of over $1.5 million in funding for housing development in Georgina underscores the government’s recognition of the urgent need to address housing affordability across Ontario. With municipalities like Georgina leading the charge in meeting housing targets, there’s hope for progress in alleviating the housing supply crisis. However, sustained efforts and collaboration between government levels, developers, and communities are essential to ensure that affordable housing remains a reality for all residents in the Greater Toronto Area and beyond.
