More than $42.4 million in funding to be provided for the region's housing needs
The federal government and the city of Kitchener have announced that they have reached an agreement to fast track the construction of more than 1,200 housing units over the next three years, which will help spur the development of more than 37,500 homes in the region over the next decade.
The agreement was made under the Housing Accelerator Fund, and it will see the federal government provide more than $42.4 million in funding for the region’s housing needs.
“[The funding] will encourage high and medium density around Kitchener's Light Rail Transit stations by making planning regulations more permissive,” the governments said. “Gentle density in Kitchener’s existing low-density neighbourhoods will be easier by permitting four units as-of-right.”
“Kitchener’s HAF action plan will also make affordable housing easier to build by making land and incentives available to affordable housing providers.”
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— Canadian Mortgage Professional Magazine (@CMPmagazine) September 28, 2023
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“By working with cities, mayors, and all levels of government we are helping to get more homes built for Canadians at prices they can afford,” said housing minister Sean Fraser.
Tim Louis, Member of Parliament for Kitchener-Conestoga, added that the funding will greatly help housing initiatives which are tailored to the needs of the fast-growing Kitchener and Waterloo Region.
“This Housing Accelerator Fund announcement enables us to work directly with Kitchener, working hand in hand to help meet our city's growth demands,” Louis said. “It’s not just about bricks and mortar; it’s about providing an affordable, safe, and secure place for Canadian families to proudly call home.”
