Funding can be used to invest in housing- or community-enabling infrastructure
PICKERING — Premier Doug Ford announced Ontario will be providing Pickering with $5,200,000 in funding through the Building Faster Fund as the city has exceeded its 2023 housing target, breaking ground on a total of 1,502 new housing units last year.
“Pickering is getting it done on housing and we are proud to reward them for their success,” said Premier Doug Ford. “I’m so proud of Mayor Kevin Ashe and his council colleagues for exceeding their housing targets last year. My challenge to Mayor Ashe 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.
“As Pickering will be one of Durham’s largest cities, we are steadfast in our commitment to creating a sustainable, interconnected, and flourishing community that offers a diverse array of housing choices for all residents,” said Kevin Ashe, Mayor of Pickering. “I extend my thanks to Premier Ford and the Province of Ontario for the funding provided through the Building Faster Fund, which will be instrumental in building homes faster and ensuring attainable and affordable housing options. Thank you to City staff for their tremendous work in all facets of planning and development as well as building and construction, which has helped to address this housing crisis.”
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.