Hamilton awarded millions for breaking ground on over 4,000 housing units

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Published March 22, 2024 at 11:05 am

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Hamilton is now one of several municipalities that’s been financially rewarded by the province for exceeding its 2023 housing targets. 

Today, the provincial government announced that Hamilton will receive $17,587,390 in funding through the Building Faster Fund for breaking ground on 4,142 new housing units last year.

Ontario’s More Homes Built Faster Act wants to see municipalities add 1.5 million homes across the province over the next 10 years.

Back in January, it was reported that the province expected 3,447 homes to begin construction in Hamilton in 2023, with a goal of building 47,000 new homes by 2031. 

Announced in August 2023, the fund is a three-year, $1.2 billion program designed to encourage more construction. The province says 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.

In recent weeks, it has been criticized for including long-term care beds. 

In an email to insauga.com, the province said the fund assesses performance against housing targets using new housing starts, new and upgraded long-term care beds, and additional residential units created by renovating or converting existing residential and non-residential buildings.

“It’s clear that Hamilton is working hard to facilitate the building of much-needed housing,” said Hamilton Mayor Andrea Horwath in a statement. 

“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 also 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.

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