Feds announce $113 million to fast-track housing units in Mississauga

The federal government announced nearly $113 million to “fast track” over 3,000 housing units over the next three years.

The government of Canada and the City of Mississauga have agreed to fast track over 3,000 housing units over the next three years, Canada Mortgage and Housing Corporation today (Dec. 18) at Mississauga City Hall.

“I’m happy to announce that the City of Mississauga will receive nearly $113 million through the housing accelerator fund to deliver significant lasting changes to the way homes are built in our great city,” said Rechie Valdez, Minister of Small Business and Member of Parliament for Mississauga-Streetsville, on behalf of  Sean Fraser, Minister of Housing, Infrastructure and Communities.

It’s hoped the funds will spur the construction of more than 35,200 homes over the next decade.

The agreement, under the Housing Accelerator Fund will provide nearly $113 million to “eliminate barriers” to build housing.

The money will go to a variety of initiatives, but generally to support infrastructure needed for growth, and unlock growth and development around transit stations, as well as building more affordable housing.

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Specifically, Mississauga’s Action Plan commits to eight local initiatives including:

• Developing a range of incentives to boost the development of affordable rental housing.
• Introducing process improvements and incentives to encourage more housing types such as fourplexes, triplexes, townhouses and semi-detached homes in low-rise neighbourhoods.
• Streamlining approval processes to get development applications and building permits issued more quickly.
• Investing in infrastructure to unlock new growth and development around transit stations.
• Investing in affordable housing for households in need.
• Identifying new opportunities for residential development on underused lands including government-owned parcels.

Valdez said the agreement will make “changes that will tear down the barriers that slow housing down.”

This initiative will help build more homes near public transportation, improve transit in the city and add 33 kilometres to the cycling network, she added.

Other initiatives include pre-zoning properties, fast-tracking approvals and partnering with the Region of Peel to address financial shortfalls and equity considerations.

The plan will incentivize affordable rental housing by possibly reducing or eliminating of application fees for nonprofit organizations, Valdez said.

Iqra Khalid, MP Mississauga-Erin Mills, John Kovac, Ward 4 Councillor, Chris Fonseca, Ward 3 Councillor, Iqwinder Gaheer, MP-Mississauga-Malton, Omar Alghabra, MP-Mississauga-Centre, Mississauga Mayor Bonnie Crombie, Charles Sousa, MP Mississauga-Lakeshore, Hon. Rechie Valdez, Minister of Small Business, Mississauga-Streetsville, Joe Horneck, Ward 6 Councillor, Peter Fonseca, MP- Mississauga East-Cooksville, Dipika Damerla, Ward 7 Councillor, Alvin Tedjo, Ward 2 Councillor, Martin Reid, Ward 9 Councillor attended the announcement at City Hall today (Dec. 18).

The funding was welcome news to City of Mississauga Mayor Bonnie Crombie who thanked councillors for their support. It is a large amount of money.

“It single handedly represents the largest investment any level of government has ever made in housing in Mississauga,” Crombie said.

Mississauga should get about 25 per cent of the funding to start the action plan and as long as the city follows through with the agreement, the rest of the funds will come through, Valdez said.

Mississauga is just one of 12 cities that have signed agreements.

The Housing Accelerator Fund fund will help 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 250,000 permitted new homes.

The fund requires local governments to “think big and be bold in their approaches, which could include accelerating project timelines, allowing increased housing density, and encouraging affordable housing units.”

For more on the announcement, see the statement here and here. The press conference can be seen here.