Mississauga To Receive $112.9 Million In Federal Funding To Build Homes Faster
MISSISSAUGA: The Government of Canada and the City of Mississauga on Monday announced a $112.9 million agreement under the Housing Accelerator Fund to help deliver more homes and improve affordability.
The agreement, announced by Mayor Bonnie Crombie and Rechie Valdez, Minister of Small Business on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities will help bring more than 3,000 new homes and important housing-related infrastructure to Mississauga over the next three years.
With the addition of these new units, the City expects to approve permits for more than 13,000 new homes by 2026.
“This direct funding will help cities like Mississauga who are on the front-lines of the housing crisis fast track the building of new homes,” said Mayor Bonnie Crombie. “Given the severity and the complexity of this crisis, we need to be bold, work quickly and use every tool available to us. This also means ensuring we are innovative and are building the right mix of housing, including the ‘missing middle’ in our neighbourhoods. We are grateful to the federal government for their confidence in our housing plan and their commitment to ensuring that everyone who wants to call Mississauga home can afford to do so.”
The funding will support eight initiatives under the City’s housing action plan, including:
• Developing a range of incentives to boost the development of affordable rental housing.
• Introducing process improvements and incentives to encourage more housing types such as fourplexes, triplexes, townhouses and semi-detached homes in lowrise neighbourhoods.
• Streamlining approval processes to get development applications and building permits issued more quickly.
• Investing in infrastructure to unlock new growth and development around transit stations.
• Investing in affordable housing for households in need.
• Identifying new opportunities for residential development on underused lands including government-owned parcels.
“Today’s announcement will help fast track over 3,000 homes in the next three years and over 35,200 homes over the next decade. By working with cities, mayors, and all levels of government, we are helping to get more homes built for Canadians at prices they can afford,” said the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities.
The Housing Accelerator Fund is helping cut red tape and fast track at least 100,000 permitted new homes over the first three years which cities and regions estimate will lead to the creation of over 250,000 permitted new homes for people in towns, cities, and Indigenous communities across Canada. It asks for innovative action plans from local governments, and once approved, provides upfront funding to ensure the timely building of new homes, as well as additional funds upon delivering results.
Housing is a top priority for Mississauga. The City’s housing action plan – Growing Mississauga – includes five goals and 23 actions ton supply and affordability. It builds on the success of the City’s innovative strategy Making Room for the Middle. When adopted in 2017, it was one of the first municipal housing plans focused on middle-income earners. Today more than 90 per cent of the strategy’s 40 actions are complete or underway.