In a bid to address the pressing housing needs within the community, Ontario has rewarded Caledon with a substantial financial boost of $2,830,080. The funding, allocated through the Building Faster Fund, acknowledges Caledon’s remarkable strides toward meeting its 2023 housing target.
Announced by Rob Flack, Associate Minister of Housing, the grant underscores the significance of Caledon’s commitment to housing development. Last year, the municipality broke ground on a total of 778 new housing units, demonstrating tangible progress in addressing the local housing crisis.
“The historic investments in infrastructure by our government aim to ensure that every resident has an affordable place to call home,” stated Associate Minister Rob Flack. “Caledon’s dedication to accelerating housing initiatives is commendable, and this funding reflects our commitment to supporting municipalities in their efforts.”
I’m with @Sylviajonesmpp to deliver a $2.83 million award to the @TownOfCaledon from the Building Faster Fund.
These funds will be re-invested in building local infrastructure that will get more homes built faster in Caledon.
Learn More: https://t.co/d1imf1mI56 pic.twitter.com/SJWwjyWlom
— Rob Flack (@RobFlackEML) March 15, 2024
The Building Faster Fund, established in August 2023, is a $1.2 billion program designed to incentivize municipalities to tackle the housing supply challenge. It rewards municipalities that make significant progress against their targets by providing funding for housing-enabling and community-enabling infrastructure. Additionally, municipalities exceeding their targets receive increased support.
Mayor Annette Groves expressed gratitude for the provincial support, emphasizing Caledon’s determination to collaborate with provincial partners and the building industry. “We are committed to delivering our part of the province’s goal of building 1.5 million homes in Ontario by 2031,” Mayor Groves affirmed.
Sylvia Jones, MPP for Dufferin-Caledon, applauded Caledon’s achievements and reiterated the government’s commitment to building homes and supporting municipalities in reaching their housing targets.
The Building Faster Fund’s flexibility ensures that any unspent funds will be made available for housing-enabling infrastructure projects through an application process, benefiting all municipalities. Furthermore, a portion of the fund is allocated to small, rural, and northern municipalities to expedite housing supply increases.
This funding injection represents a significant milestone in Caledon’s ongoing efforts to address housing challenges and foster community growth. It signifies a collaborative commitment between the provincial government and local municipalities to ensure every resident has access to safe and affordable housing.
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