Guelph has secured a significant funding boost of $4,680,000 from the Province of Ontario’s Building Faster Fund as a reward for meeting its 2023 housing targets. Last year, the city broke ground on 1,287 new housing units, demonstrating substantial progress in addressing the housing challenge.
The Building Faster Fund, part of a $1.2 billion provincial initiative, incentivizes municipalities to tackle housing issues. It provides bonuses to municipalities that make significant strides towards their housing targets by offering funding for housing-enabling and community-enabling infrastructure.
I was very proud to be in @cityofguelph today to present the City with $4.6 million through the Building Faster Fund.
This is a reflection of the extraordinary work that Mayor @camguthrie and his team are doing to help us meet our goal of building more homes than ever. pic.twitter.com/7jQEmVpuio
— Paul Calandra (@PaulCalandra) March 14, 2024
Paul Calandra, Ontario’s Minister of Municipal Affairs and Housing, commended Guelph and other municipalities for their commitment to meeting housing targets. He underscored the importance of collaboration to ensure the availability of affordable housing options for residents.
Cam Guthrie, Mayor of Guelph, welcomed the funding as crucial support in addressing the housing crisis. He stressed the need for continued cooperation to accelerate housing projects and increase supply in the city.
This funding allocation highlights Ontario’s dedication to assisting municipalities in achieving their housing goals. With a record-high of 18,992 rental starts in 2023 and significant progress in addressing the housing supply crisis, the province is making significant strides towards a more sustainable housing future.
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