Affordable housing project gets $18M pledge through Housing Accelerator Fund in Brampton
Published April 10, 2024 at 3:02 pm
A project that could bring nearly 150 affordable housing units to Brampton is set to give an $18 million funding boost through the Liberal government’s housing kickstarter fund.
Mayor Patrick Brown said the city is setting a precedent with plans to approve millions in funding gifted by the federal government to build a 148-unit affordable housing development in Brampton’s Mount Pleasant community.
It’s a move that will also signal to home builders that Brampton is “raising the bar” when it comes to working with affordable home providers.
The proposal from Home Opportunities Non-Profit Corporation includes plans for a mix of townhouses and stacked 1- and 2-bedroom units along with a co-housing building with 38 units.
Brampton earmarked an initial $4 million from the city budget to speed up the project but found a new source of funding following a pledge by Prime Minister Justin Trudeau of $114 million to the city from the Housing Accelerator Fund (HAF).
The money is to be used to kickstart home build over the next decade. A committee of Brampton City Council received a report Wednesday asking for an additional $14 million from the HAF, which is expected to get approval when it goes to council.
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City staff said the Mount Pleasant project was the only development to have a current application through Brampton’s HAF – a statistic the mayor said is likely to change due to the “significant” investment which “may entice others to do the same.”
“It’s a big number, it’s a big cost,” Brown said in council chambers on Wednesday. “But I think as long as we have principles that articulate how this would apply for others, then we’re raising the bar on the city’s willingness to support affordable housing.”
The $18 million in HAF funding is on top of waived development and application charges which have already been waived by the city. Another $1 million for the project is expected to come from the city’s Community Investment Fund, and staff said the total approved funding would be used for construction costs.
If council does approve funds for the Mount Pleasant project it will be the second development in Brampton to get support through Ottawa’s HAF program.
The city approved $6 million from the HAF to help build two new Habitat for Humanity affordable housing developments in Brampton. The pair of developments were at risk due to an “unprecedented” rise in construction costs before the city stepped up with a funding boost and will bring 27 new affordable housing units to Brampton.
Several applications have been filed for developments in Brampton’s Mount Pleasant area, which will include low, medium, and high-density residential developments, an elementary school, community services, parks and a new road network.
A new housing development made up of three high-rise apartment towers and hundreds of stacked townhouses is slated to replace Brampton’s iconic Apple Factory, while a project called Block 4 looks to bring a total of 439 total units to the community.
A report to Peel Regional Council last year showed the stock of affordable housing hasn’t kept up with increased in demand, with some $50 billion needed over the decade to meet 100 per cent of core housing needs.
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