In its 2022 Budget, the Federal Government announced a $4 billion Housing Accelerator Fund to provide incentive funding to local governments to encourage initiatives that lead to new housing supply. New details have been made available on the design of the program in Local governments, First Nations, Métis and Inuit governments who have delegated authority over land use planning and development approvals are eligible to apply via the application portal opening later in 2023.
The Fund will run until 2026/2027 and is expected to result in permits being issued for 100,000 more housing units across Canada. It is intended to support 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.
In addition to the new information provided on the fund, local governments may register on the CMHC website for direct updates as the program is finalized.