North Bay, ON – The City of North Bay has surpassed its 2023 housing target, resulting in a $400,000 funding boost from the Ontario government’s Building Faster Fund. This funding is part of a concerted effort to tackle the housing supply crisis gripping the province.
Announced in August 2023, the Building Faster Fund is a three-year, $1.2 billion initiative aimed at incentivizing municipalities to ramp up their housing efforts. It rewards municipalities that make significant progress against their targets, providing financial support for housing-enabling and community-enabling infrastructure.
Happy to join @VictorFedeli in North Bay today to present Mayor Chirico with a cheque for $400,000 through the Building Faster Fund.
This funding will be reinvested by our municipal partners to build more homes for Ontario families.
Learn more: https://t.co/FV7NWr5DMj pic.twitter.com/0H0ky4ojuF
— Rob Flack (@RobFlackEML) March 14, 2024
Expressing gratitude for the support, Mayor Peter Chirico emphasized North Bay’s commitment to improving housing accessibility and affordability within the community. He noted that the funding from the Building Faster Fund will play a crucial role in further facilitating the growth of the local housing supply.
Under the program, any unspent funding will be redirected to housing-enabling infrastructure for all municipalities. Additionally, a portion of the fund is earmarked for small, rural, and northern municipalities to accelerate housing supply in those areas.
Vic Fedeli, Member of Provincial Parliament (MPP) for Nipissing, commended North Bay’s efforts, highlighting their contribution to the province’s goal of building 1.5 million homes by 2031. He stressed the importance of North Bay’s achievements in addressing the affordability crisis and creating new opportunities for families in the region.
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