Question Period Note: HOUSING ACCELERATOR FUND

• Mr. Speaker, it is getting harder every day to build the housing we need across the country which is why our government has launched the $4 billion Housing Accelerator Fund.

• This initiative provides funding to cities, towns, and Indigenous governments to unlock new housing supply and fast-track the creation of 100,000 new homes across Canada.

• We’re currently reviewing over 500 applications that have been submitted from all over the country, from large urban centres to small, rural, Northern or Indigenous communities.

• I’m happy to report that we’ve already announced agreements with 10 of Canada’s most ambitious municipalities, as well as the Province of Quebec, to support housing in their communities and we will announce many more soon. Discussions are ongoing with the City of Toronto to finalize their agreement.

• The Housing Accelerator Fund (HAF) provides incentive funding to local governments encouraging initiatives aimed at increasing housing supply. It also supports the development of complete, low-carbon and climate-resilient communities that are affordable, inclusive, equitable, and diverse. Federal Budget 2022 announced $4 billion in funding until 2026-27 to launch the HAF. The target is to create at least 100,000 net new housing units over the course of the initiative.

• It will provide funding to local governments to incentivize local initiatives that remove barriers to housing supply, accelerate the growth of supply, and support the development of complete, low-carbon and climate-resilient communities, which are affordable, inclusive, equitable, and diverse. The HAF will also encourage local governments to implement lasting initiatives that reduce barriers to housing supply and development approvals, and over the long run, make housing more affordable to Canadians.

• The HAF is a highly competitive program which has attracted considerable interest across Canada. We invite all municipalities to explore the 10 best practices from successful Housing Accelerator Fund applications which can be found on CMHC’s website and integrate them into their own plans to bolster housing supply and affordability.

• The HAF encourages local governments to implement initiatives that support complete communities, consisting of a broader range of land uses and housing types. The program also supports the creation of more affordable, inclusive, equitable, and diverse communities. It aims to incentivize local governments to create conditions where more homes can be built faster. It is expected that these homes will span the entire housing continuum of all building types and will house more Canadians as a whole.

• The government recognizes that smaller communities often do not have the same resources available as larger communities to work on applications. That is why small, rural, northern and Indigenous communities were provided an extra five weeks to apply, extending the deadline from August 18, 2023, to September 29, 2023.

• To date, the government has announced HAF agreements with 10 cities:
o London ($74 million, 2,000 units)
o Calgary ($228 million, 6,500 units)
o Hamilton ($93 million, 2,600 units)
o Halifax ($79 million, 2,600 units)
o Kitchener ($47 million, 2,000 units)
o Vaughan ($59 million, 1,700 units)
o Kelowna ($31.5 million, 950 units)
o Moncton ($15.5 million, 490 units)
o Richmond Hill ($31 million, 780 units)
o Brampton ($114 million, 3,150 units)

• On November 9, 2023, the Government of Canada announced that it will provide the Government of Quebec with a contribution of $900 million under the HAF to finance projects identified by the Société d’habitation du Québec (SHQ – Quebec Housing Corporation). This amount represents nearly 23% of the federal funding. The payments, totalling $900 million, will be spread over four years, commencing in 2023–2024, to help accelerate the construction of residential units in Quebec. In choosing projects, the SHQ will select those that meet the objectives of the HAF and the requirements of applicable Quebec programs and initiatives. The SHQ is also committed to ensuring that to the extent possible, project selection takes into account regional distribution in conjunction with regional needs.

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