Calgary & Vancouver Among 28 Cities To Receive Housing Accelerator Fund Bonus
Calgary & Vancouver Among 28 Cities To Receive Housing Accelerator Fund Bonus
Calgary and Vancouver have been recognized as top performers in Canada's Housing Accelerator Fund (HAF), earning significant bonus funding for their efforts to expedite housing development. Calgary received an additional $22.8 million, while Vancouver secured $4.5 million.
The HAF, launched in 2022 with a $4 billion budget, aims to encourage local governments to implement changes that facilitate housing construction. Municipalities that met their housing targets and fulfilled their HAF Action Plan commitments in the first year were eligible for bonus funding, amounting to up to 10% of their original agreement.
Calgary's initial HAF agreement, announced in November 2023, provided $228 million to support seven initiatives aimed at fast-tracking over 6,800 housing units within three years and stimulating the construction of more than 35,000 homes over the next decade. These initiatives include zoning bylaw amendments to allow for more diverse housing types, streamlining approval processes, and promoting affordable housing programs.
Vancouver's original agreement, announced in December 2023, allocated $115 million to accelerate the creation of over 3,200 new housing units in three years, with a goal of spurring more than 40,000 homes over ten years. The funding supports high-density developments, such as multiplexes and apartment buildings, and aims to streamline rezoning laws and reduce red tape.
The bonus funding reflects the federal government's recognition of these cities' commitment to addressing housing challenges. Calgary plans to use its additional funds to further increase its 10-year housing goal from 35,000 to 42,667 units.
Overall, 27 communities across Canada received bonus funding totaling nearly $73.8 million, highlighting a nationwide effort to tackle housing shortages through collaborative initiatives between federal and local governments.