In a bid to combat the ongoing housing crisis, Ontario’s Premier Doug Ford has announced a significant allocation of funds to the city of Hamilton. The province will be providing Hamilton with $17,587,390 through the Building Faster Fund, recognizing the city’s remarkable achievement of surpassing its 2023 housing target.
Hamilton’s success in breaking ground on a total of 4,142 new housing units last year has earned praise from Premier Doug Ford, who lauded Mayor Andrea Horwath and the city council for their dedication to addressing the pressing housing supply issue. Ford expressed pride in the city’s efforts and encouraged further action to make homeownership more attainable for families across the province.
I was happy to present Mayor @AndreaHorwath with $17.5 million from our Building Faster Fund after @cityofhamilton beat its housing targets.
We’re rewarding results on housing and we’re working with municipalities – not overriding them – to get it done.https://t.co/wQz6Ey5WwK pic.twitter.com/GbYCuFHORA
— Doug Ford (@fordnation) March 22, 2024
The Building Faster Fund, initiated in August 2023, is a three-year, $1.2 billion program aimed at incentivizing municipalities to tackle the housing supply crisis. It rewards municipalities that make significant progress against their housing targets, providing funding for housing-enabling and community-enabling infrastructure. Hamilton’s achievement in surpassing its target reflects its commitment to facilitating the construction of much-needed housing.
Mayor Andrea Horwath reiterated the city’s commitment to fostering diverse housing options and ensuring access to secure and affordable housing for all residents. The funds allocated by the provincial government will be instrumental in meeting the increased housing needs of Hamilton’s growing population.
In addition to the Building Faster Fund, Ontario is investing in various housing and community infrastructure programs, including the Ontario Community Infrastructure Fund and the new $1 billion Municipal Housing Infrastructure Program. These investments underscore the government’s dedication to addressing housing needs across the province.
Local representatives, including Minister of Municipal Affairs and Housing Paul Calandra, MPP Neil Lumsden, and MPP Donna Skelly, expressed their support for Hamilton’s achievements and the government’s investment in building more homes in the city.
As Ontario continues to work towards its goal of building 1.5 million homes by 2031, initiatives like the Building Faster Fund play a crucial role in ensuring affordable housing for all residents. Hamilton’s success serves as a testament to the collaborative efforts between the provincial government and municipalities in addressing one of the most pressing challenges facing communities today.
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