The Government of Canada is launching a new $6 billion Canada Housing Infrastructure Fund to help accelerate the construction and upgrading of critical housing infrastructure.

Prime Minister, Justin Trudeau announced the measures from the upcoming Budget 2024 which will go towards projects such as water supplies, sewerage pipes and treatment, stormwater catchment pipes, and solid waste infrastructure.

“We need more affordable homes, and we need the infrastructure to help build these homes. That’s why in Budget 2024, we’re building more infrastructure, building more homes, and helping more Canadians find a place to call their own. This is about fairness ‒ making sure communities have the safe, quality housing they need to get ahead,” said Trudeau.

The fund will include:

• $1 billion available for municipalities to support urgent infrastructure needs that will directly create more housing.
• $5 billion for agreements with provinces and territories to support long-term priorities. Provinces and territories can only access this funding if they commit to key actions that increase housing supply:
• Require municipalities to broadly adopt four units as-of-right and allow more “missing middle” homes, including duplexes, triplexes, townhouses, and other multi-unit apartments.
• Implement a three-year freeze on increasing development charges from April 2, 2024, levels for municipalities with a population greater than 300,000.
• Adopt forthcoming changes to the National Building Code to support more accessible, affordable, and climate-friendly housing options.

Provinces will have until January 1, 2025, to secure an agreement, and territories will have until April 1, 2025. If a province or territory does not secure an agreement by their respective deadline, their funding allocation will be transferred to the municipal stream. The federal government will work with territorial governments to ensure the actions in their agreements are suitable to their distinct needs.

The government will also be topping-up the Housing Accelerator Fund with an additional $400 million, so more municipalities can cut red tape, fast-track home construction, and invest in affordable housing.

Since launching the now $4.4 billion Housing Accelerator Fund last year, the federal government has signed 179 agreements across the country to fast-track more than 750,000 homes over the next decade. Today’s $400 million top-up will fast-track an additional 12,000 new homes in the next three years.

The post Canada pledges $6B housing infrastructure fund appeared first on REMINET.