Funding can be used to invest in housing- or community-enabling infrastructure
HAMILTON — Today, Premier Doug Ford announced that Ontario will be providing Hamilton with $17,587,390 in funding through the Building Faster Fund as the city has exceeded its 2023 housing target, breaking ground on a total of 4,142 new housing units last year.
“Hamilton is getting it done on housing and we are glad to reward them for their success,” said Premier Doug Ford. “I’m so proud of Mayor Andrea Horwath and her council colleagues for exceeding their housing targets last year. My challenge to Mayor Horwath and to every mayor in Ontario is to get even more homes built in the coming years so we can make life more affordable and keep the dream of homeownership alive for families across the province. We’ll be there to support you every step of the way.”
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.
“It’s clear that Hamilton is working hard to facilitate the building of much needed housing,” said Andrea Horwath, Mayor of the City of Hamilton. “I am grateful to Council and staff for their commitment to meeting and exceeding our provincial housing target. There is no doubt that the people of our great City deserve access to stable housing they can afford. I remain steadfast in my commitment to fostering the growth of diverse housing options and ensuring every citizen has access to secure and affordable housing.”
The Building Faster Fund includes $120 million for small, rural and northern municipalities to help build housing-enabling infrastructure and prioritize projects that speed up the increase of housing supply.