The Housing Accelerator Fund (HAF) is being applied across Canada to build more homes, with 87 municipalities in B.C. having submitted applications to access this federal support, according to the Canada Mortgage and Housing Corporation (CMHC).
The most recent example is an agreement between the City of Kelowna and the Government of Canada to fast track the construction of 950 housing units over the next three years thanks to $31.5 million in funding, according to a CMHC press release.
This will open the door for a potential 20,000 additional homes over the next decade.
The 87 applications from B.C. cities and municipalities are still under review, said the CMHC in an email to Glacier Media.
“We can’t comment on the specific details contained within them. We are working with communities on their applications and look forward to being able to share additional details as soon as we can,” said the response.
Launched in May 2023, the HAF has earmarked $4 billion in funding for communities across Canada to help incentivize the construction of more homes and fast track the creation of 100,000 new homes across the country.
“Applications that show the most ambitious reforms to accelerate the building of housing and demonstrate willingness to treat Canada’s housing crisis with the sense of urgency it requires, will be at the front of the line when it comes to approval,” said the CMHC.
Across Canada, cities such as London, Calgary, Hamilton, Halifax, Kitchener, and Vaughan have recently made steps to end exclusionary zoning, according to a progress update on the HAF by Minister of Housing Sean Fraser.