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The federal government of Canada has unveiled a new initiative, the $6 billion "Canada Housing Infrastructure Fund," aimed at expediting construction processes and enhancing crucial infrastructure to support the development of more housing units. Prime Minister Justin Trudeau, accompanied by Housing Minister Sean Fraser, made the announcement amidst a backdrop of protest. The fund, detailed by the Prime Minister's Office (PMO), allocates $1 billion for immediate infrastructure requirements like wastewater and solid waste systems, with the remaining $5 billion reserved for forthcoming agreements with provinces and territories.
To access the funding, provinces and territories must commit to various actions to augment Canada's housing stock. To secure funding, provinces and territories must undertake several measures to boost housing supply, including accommodating more "missing middle" housing types, implementing a freeze on development charges, adopting forthcoming changes to the National Building Code, and facilitating pre-qualified construction. The deadline for securing agreements with the federal government is set, with provisions to reallocate funds to municipalities should provinces or territories fail to meet the deadlines. Additionally, Trudeau has pledged to supplement the existing $4 billion "Housing Accelerator Fund" with an extra $400 million to further streamline construction processes.
The federal government's housing initiatives are part of a broader strategy to address housing affordability concerns, which have become increasingly urgent. Trudeau's government aims to expedite the construction of thousands of homes over the next few years, emphasizing the importance of reducing red tape and unlocking housing supply. However, critics from opposing parties have expressed skepticism about the efficacy of these plans, citing previous shortcomings and the ongoing challenges faced by Canadians in accessing affordable housing. Despite these criticisms, the government remains committed to tackling the housing crisis through a multifaceted approach that includes building more homes, supporting vulnerable populations, and facilitating easier access to homeownership or rental options.
Read the full article on: CTV NEWS
