Ontario Government Awards Innisfil $2.52M for Exceeding Housing Targets
In a resolute step towards combating the housing supply crisis, the Ontario government has allocated a substantial $2,520,000 in funding to the Town of Innisfil through the Building Faster Fund. This funding marks a commendation for Innisfil’s exceptional achievement in surpassing its 2023 housing target, with a groundbreaking 738 new housing units initiated last year.
Matthew Rae, Parliamentary Assistant to the Minister of Municipal Affairs and Housing, lauded Innisfil’s exemplary progress, emphasizing the significance of municipalities redoubling their efforts to bolster homeownership opportunities and enhance affordability in Ontario. “Our challenge to these municipalities now is to redouble their efforts to build more homes than ever before so we can improve affordability and keep the dream of homeownership alive in Ontario,” Rae stated.
Established in August 2023 as a three-year, $1.2 billion initiative, the Building Faster Fund incentivizes municipalities to address the housing supply crisis by rewarding those that make significant strides in meeting or surpassing their housing target. The fund provides financial support for housing-enabling and community-enabling infrastructure projects, with additional incentives granted to municipalities that exceed their targets.
Today, the Government of Ontario announced it will be providing the Town of Innisfil over $2.5 million through the Building Faster Fund for exceeding our 2023 provincial housing target, breaking ground on 738 new houses! 🏡🏗️
Learn more: https://t.co/YSkKYNShdk pic.twitter.com/MewxesBu4K
— Town of Innisfil (@townofinnisfil) April 2, 2024
Mayor Lynn Dollin expressed gratitude for the provincial recognition of Innisfil’s housing achievements, highlighting the town’s commitment to managing growth sustainably in alignment with its strategic plan and vision. “The province has recognized our success in building more homes, which is part of our housing pledge for 6,300 additional homes in 10 years,” Mayor Dollin affirmed.
It’s noteworthy that the Building Faster Fund includes provisions specifically tailored for small, rural, and northern municipalities, with $120 million earmarked to facilitate housing-enabling infrastructure projects and expedite the increase of housing supply in these regions.
Beyond the Building Faster Fund, Ontario has demonstrated a steadfast commitment to addressing housing affordability through various initiatives, including the $1 billion Municipal Housing Infrastructure Program and the quadrupling of the provincial Housing-Enabling Water Systems Fund to $825 million.
Minister of Municipal Affairs and Housing, Paul Calandra, reiterated the government’s dedication to achieving its ambitious goal of constructing 1.5 million homes by 2031. “Our government is committed to reaching our goal of building 1.5 million homes by 2031 to make sure that everyone has an affordable place to call home,” Calandra asserted.
Andrea Khanjin, MPP for Barrie—Innisfil, echoed appreciation for the government’s investment in addressing local housing needs, underscoring the significance of the funding as a testament to the government’s commitment to enhancing affordability and expanding homeownership opportunities for Ontario residents.
The allocation of $2,520,000 to Innisfil underscores the collaborative efforts between municipalities and the provincial government in acknowledging and rewarding achievements in surpassing housing targets, ultimately working towards ensuring the availability of affordable housing for all residents.
