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Jan. 22, 2024 Govt of Canada’s Housing Accelerator Fund announcement at Richmond City Hall. From left to right city councilors Alexa Loo and Carol Day; Member of Parliament Wilson Miao; city councillor Michael Wolfe; Member or Parliament Parm Bains, Richmond Mayor Malcolm Brodie; city councilors Andy Hobbs and Bill McNulty.
Photo courtesy City of Richmond
Helping build more homes, faster in Richmond
Published 11:49 PST, Mon January 22, 2024
Last Updated: 11:57 PST, Mon January 22, 2024
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With federal funding and federal leadership, we are changing how cities let housing get built in their municipalities. With a greater focus on higher density housing, student housing, homes near transit and affordable housing, we are going to get more homes built for Canadians at prices they can afford.
Today, the Government of Canada and the City of Richmond announced that they reached an agreement to fast track more than 1,000 housing units over the next three years. This work will help spur the construction of over 3,100 homes over the next decade.
The agreement under the Housing Accelerator Fund (HAF), will provide $35.9 million to eliminate barriers to building the housing we need, faster.
Richmond’s Action Plan commits to eight local initiatives that enable a variety of housing forms and densities to meet the diverse needs of the community.
The city has a strong focus on creating affordable and housing below market prices through a variety of programs and partnerships with the non-profit sector.
They will also fast track development applications and provide grants to support building new rental homes, cooperative housing, co-housing communities, and creating an affordable home ownership program.
Additionally, the funding will support a number of zoning reforms, local area plans and optimizing the permitting process with the use of technology and software.
HAF 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 450,000 permitted new homes for people in towns, cities, and Indigenous communities across Canada over the next decade.
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.
Local governments are encouraged to think big and be bold in their approaches, which could include accelerating project timelines, allowing increased housing density, and encouraging affordable housing units.
The Government of Canada is making life more affordable for Canadians—and housing is key to our work.
We will continue to work with provincial, territorial, and municipal governments, as well as Indigenous partners, to keep building more homes for Canadians, faster.
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