The city will see 9,000 new homes built over the next decade
Hamilton, Ontario and the federal government have announced that they have reached an agreement which will see the city add more than 2,600 homes over the next three years and 9,000 units over the next decade.
The $93.5 million deal was made under the aegis of the federal government’s Housing Accelerator Fund.
“I want Hamilton to be a great place to live for people of all ages and income levels,” Hamilton Mayor Andrea Horwath said. “To keep our city affordable, we need to introduce a range of new housing options and introduce innovative new approaches to creating and preserving housing.”
The new homes, which will be built on locations situated near future light-rail transit stops, will be developed under zoning laws that the city of Hamilton has altered in accordance with the accelerator fund’s requirements.
Future developments in Hamilton will now be allowed to have as many as four residential units on a single lot.
Aled ab Iorwerth, Deputy Chief Economist at CMHC, voiced concerns about housing supply challenges in Canada, citing difficulties in accessing capital and higher #interestrates affecting #housingstarts in 2023.
— Canadian Mortgage Professional Magazine (@CMPmagazine) September 28, 2023
https://t.co/LKZMvolJQg#mortgageindustry #housingmarket
This made Hamilton the third city to cement such an agreement under the accelerator fund, the federal government said.
“The Housing Accelerator Fund… asks for innovative action plans from local governments, and once approved, provides upfront funding to ensure the timely building of new homes, as well as additional funds upon delivering results,” the feds added.
“Local governments are encouraged to think big and be bold in their approaches, which could include accelerating project timelines, allowing increased housing density, and encouraging affordable housing units.”
