In a recent announcement, Premier Doug Ford disclosed that Ontario is allocating a substantial amount of over $25.5 million to Brampton via the Building Faster Fund. This funding is a recognition of Brampton’s commendable progress in achieving its 2023 housing target, marked by the initiation of 7,028 new housing units last year.
Expressing his satisfaction, Premier Ford remarked, “Brampton has shown it can get it done on housing, and we are proud to reward them for their success.” He commended Mayor Brown and his council colleagues for leading Peel Region in housing target advancements last year. The Premier challenged Mayor Brown and other Ontario mayors to intensify efforts in constructing more homes to enhance affordability and sustain the dream of homeownership for families across the province, assuring unwavering support.
The funding, part of the Building Faster Fund launched in August 2023, is a three-year, $1.2 billion initiative aimed at motivating municipalities to address the housing supply crisis. This program incentivizes municipalities to make substantial progress by providing financial support for housing-enabling and community-enabling infrastructure. Municipalities reaching at least 80 percent of their provincially assigned housing target receive funding, with additional incentives for those surpassing their targets.
Yesterday, Toronto received a substantial $114 million from the fund for exceeding its 2023 housing target by more than 50 percent. Mayor Patrick Brown expressed gratitude to the premier and the province for the funding, considering it a significant stride toward alleviating Brampton’s housing supply crisis and providing more accessible housing options for residents. He highlighted the importance of this funding in creating a stable and secure future for the city.
Mayor Brown emphasized that Brampton, as the fastest-growing big city in the country, views housing investment as not just constructing structures but also building communities and ensuring residents always have a place to call home. Anticipating continued strong building activity this year, he emphasized the city’s commitment to addressing the housing challenges.
Looking ahead, the province is set to announce Building Faster Fund rewards for all municipalities that met, exceeded, or achieved 80 percent of their assigned housing targets in 2023. Unspent funding will be accessible for housing-enabling infrastructure through an application process, benefiting even municipalities that have previously received funding. Furthermore, a notable ten percent, equivalent to $120 million, of the Building Faster Fund is earmarked for small, rural, and northern municipalities, prioritizing housing-enabling infrastructure and projects expediting housing supply growth.
Parvasi Media Group