Kitchener Exceeds 2023 Housing Target, Receives $14 Million Reward from Ontario
In a significant development highlighting Kitchener’s proactive stance on addressing the housing shortage, the city has surpassed its 2023 housing target, triggering a reward of $14 million from the Ontario government. Premier Doug Ford, in a statement today, lauded Kitchener’s accomplishment and announced the allocation of funds through the Building Faster Fund.
Kitchener, under the leadership of Mayor Berry Vrbanovic and city council, broke ground on a remarkable total of 3,579 new housing units last year, surpassing expectations and demonstrating a commitment to tackling the housing crisis.
Premier Ford commended Mayor Vrbanovic and the council for their dedication, stating, “Kitchener is getting it done on housing, and we are proud to reward them for their success.” He further emphasized the importance of continued collaboration between municipalities and the provincial government to make homeownership more accessible for families across Ontario.
Congratulations, @CityKitchener!
I was so pleased to present Mayor @berryonline with a $14 million cheque from our Building Faster Fund after Kitchener smashed its 2023 housing targets. Keep up the great work!https://t.co/T8VXlqnvuW pic.twitter.com/DYRngmYSqB
— Doug Ford (@fordnation) April 11, 2024
The Building Faster Fund, a $1.2 billion program initiated in August 2023, aims to incentivize municipalities to increase housing supply. Municipalities that exceed their housing targets are rewarded with funding for housing-enabling and community-enabling infrastructure projects.
Mayor Vrbanovic expressed gratitude for the provincial support, stating, “Today’s announcement of a $14 million investment by the Province of Ontario will enable the City of Kitchener to work with partners to get more homes built across the housing continuum in our rapidly growing community.”
The funding will facilitate the development of housing-enabling infrastructure, further contributing to the city’s efforts to provide affordable housing options for residents.
In addition to the Building Faster Fund, Ontario has allocated $1.8 billion in support of housing-enabling infrastructure projects as part of its 2024 budget, reflecting the government’s commitment to addressing the housing crisis.
Commentary:
Kitchener’s achievement in exceeding its housing target and securing $14 million in funding underscores the importance of proactive measures in addressing housing affordability and availability. The collaboration between the provincial government and municipalities is crucial in accelerating housing development initiatives and ensuring that communities have access to suitable housing options.
This investment will not only support the construction of new housing units but also contribute to the overall economic growth and stability of the region. As Ontario continues to prioritize housing as a key issue, initiatives like the Building Faster Fund play a pivotal role in driving progress towards achieving housing targets and improving the quality of life for residents.
