Funding can be used to invest in housing- and community-enabling infrastructure
CALEDON — Rob Flack, Associate Minister of Housing, announced Ontario will be providing Caledon with $2,830,080 in funding through the Building Faster Fund as the municipality made substantial progress towards meeting its 2023 housing target, breaking ground on a total of 778 new housing units last year.
“Our government is making historic investments in infrastructure to give municipalities the tools they need to ensure that every resident has an affordable place to call home,” said Rob Flack, Associate Minister of Housing. “Caledon and all other municipalities that are on track to meet their housing targets should be proud of the work they have done to get shovels in the ground faster.”
Announced in August 2023, the Building Faster Fund is a three-year, $1.2 billion program that is designed to encourage municipalities to address the housing supply crisis. The fund rewards municipalities that make significant progress against their targets by providing funding for housing-enabling and community-enabling infrastructure. Funding is provided to municipalities that have reached at least 80 per cent of their provincially assigned housing target for the year with increased funding for municipalities that exceed their target.
“Caledon is growing rapidly and we extend our sincere gratitude for the funds we are receiving from the provincial Building Faster Fund,” said Mayor Annette Groves. “We will continue to work with our provincial partners and the building industry to bring much needed housing to Caledon. We are committed to delivering our part of the province’s goal of building 1.5 million homes in Ontario by 2031. The Town appreciates the support from the Minister Calandra in our efforts to achieve and even exceed the housing targets established in our housing pledge.”
Any unspent funding from the Building Faster Fund will be made available for housing-enabling infrastructure to all municipalities, including those that have already received funding as a result of reaching their targets, through an application process. In addition, ten per cent – or $120 million – of the Building Faster Fund is being set aside for small, rural and northern municipalities to help build housing-enabling infrastructure and prioritize projects that speed up the increase of housing supply.
“Our government is committed to building homes and supporting municipalities reach their housing targets. There is no doubt that our housing supply must increase to support a growing population.” said Sylvia Jones, MPP for Dufferin-Caledon. “I congratulate Caledon for making substantial progress toward its housing target last year and look forward to seeing our partnership translate to housing for Caledon residents.”