Province announces $4.68 million in funding for Guelph
Posted Mar 14, 2024 11:45:03 AM.
Last Updated Mar 14, 2024 11:45:08 AM.
The City of Guelph has received funding of $4.68 million from the province for housing or community enabling infrastructure. This funding is coming from the Building Faster Fund after the province said the city made substantial progress toward meeting its 2023 housing target.
The city broke ground on 1,287 new housing units last year.
Minister of Municipal Affairs and Housing, Paul Calandra was in the city Thursday to make the announcement.
“I applaud the work being done by Guelph and all the other municipalities that are making substantial progress toward their 2031 housing targets,” said Calandra. “My message to mayors across this province is that we must continue to work together and build on our progress on making homeownership a reality for everyone. We will give you the tools you need to succeed in our shared goal.”
The Building Better Fund is designed to encourage municipalities to address the housing supply crisis in the province. $1.2 billion was set aside for this fund in 2023.
“The provincial Building Faster Fund will help Guelph address the housing crisis in our community,” said Cam Guthrie, Mayor of the City of Guelph. “Our continued desire to work collaboratively with upper levels of government to ensure policies, programs and tools are available to get shovels in the ground faster and increase housing supply is proving to work well for our city. To meet Guelph’s target to build 18,000 new homes by 2031, the City also needs cooperation from the development community, partner organizations, and the public. My hope is that we’ll continue a positive relationship as funds like this, and others, become available.”
If all funds aren’t spent in the Building Faster Fund, the province will make any unspent amount available to all municipalities for housing enabling infrastructure including those that have already received funding as a result of reaching their targets, through an application process.
$120 million of the fund will be set aside for small, rural and northern municipalities to help build housing infrastructure and prioritize projects that speed up the increase of housing supply.
