Housing Accelerator Fund Available to Latest Cities and Communities

On August 2, 2024 the Government of Canada will be working with 30 communities across Canada to create a new national park. An agreement will accelerate the construction over 1,700 units of housing within the next 3 years. This initiative aims at supporting the development of over 14,700 homes in the next decade. The focus will be on high-density, student housing and homes near transit. With a funding allocation of over $68 millions, the government aims to remove barriers and accelerate the construction process in order to provide affordable housing options to Canadians.

British Columbia

Housing Accelerator Fund will benefit several communities in British Columbia. 

• Aitchelitz First NationFor 5 units over a period of 3 years, and 22 units for a period of 10 years, the cost is $280 520.
• Boston Bar First Nation$520,000 for 8 units in 3 years, and 65 units in 10 years.
• City of New Westminster$11,428,628 is for 311 unit over 3 years, and 1,734 unit over 10 years.
• District of Saanich14 936 101 dollars for 513 units in 3 years, and 766 units in 10 years.
• Kitasoo Xai’xais Nation$1,089122 for 21 unit over 3 years or 122 unit over 10 years.
• Lheidli T’enneh First Nation757,000 dollars for 11 units spread over 3 years, and 25 units spread over 10 years.
• District of UclueletFor 65 units, $2,095,293 is payable over a 3 year period and $918 units are payable over a 10 year period.
• Seabird Island Band$2,992,000 if you buy 50 units in 3 years or 251 units in 10 years.
• Skowkale First NationFor 6 units over a period of 3 years or 24 units over a period of 10 years, the cost is $368,000.
• Sun Peaks Mountain Resort Municipality$1,525,799 over a period of 3 years for 33 units and $350,799 over a period of 10 years.
• City of Duncan2 637 814 dollars for 73 units in 3 years, and 1 060 units in 10 years.
• District of Lake Cowichan885 750 dollars for 20 units spread over 3 years or 75 units spread over 10 years.
• Town of TofinoFor 34 units, the cost is $1,487.175, and for 514 units, it’s $1,487.175.
• Tsawwassen First Nation2 480,000 dollars for 42 units in 3 years, and 210 units in 10 years.
• Ulkatcho First NationFor 7 units, the cost is $455,000. For 74 units, it’s $745,000 over 10 years.
• Village of Radium Hot SpringsThe cost of 16 units is $613,445 over 3 years.
• Yakweakwiose nation$208,000 for four units over three years and seventeen units over ten years.

Alberta

• Elizabeth Metis Settlement850 975 dollars for 13 units in 3 years, and 72 units in 10 years.
• Piikani Nation$2,301,000 over 3 years for 39 units and 166 over 10 years.

Manitoba

• Municipality of Emerson Franklin$1,925.676 for 49 unit over 3 years.
• Rural Municipality BrokenheadThe cost of 20 units is $664,200 over 3 years. The cost for 130 units is $664,000.
• Sioux Valley Dakota Nation$1,552,000 over 3 years for 25 units and $100000 over 10 years.
• Treaty One Nations$5,315,182 if you buy 88 units in 3 years or 900 units in 10 years.

Nova Scotia

• Millbrook First Nation$2,482,000 for a total of 38 units over a period of 3 years or 110 units over ten years.
• Pictou Landing First Nation531,00 dollars for 9 units in 3 years or 34 units in 10 years.

Newfoundland and Labrador

• Town of Fogo Island$798.300 for 18 units in 3 years, and 116 units in 10 years.
• Town of Grand Falls Windsor$4,606,144 over 3 years for 145 units and $1117 over 10 years.

Northwest Territories

• Fort Simpson Metis Nation$580,000 over 3 years for 8 units and $100,000 over 10 years.
• Jean Marie River First Nation: $885,000. For 15 units over a period of 3 years, and 32 units for a period of 10 years.

Additional funding and National Impact

Housing Accelerator Fund, launched in March 2023 is a $4.4 Billion initiative that aims at cutting red tape and expediting the permitting process for new homes. It will have an impact of more than 750,000 new houses in the next decade. This fund requires innovative plans from local governments. Federal funding is provided upfront and additional funds are available upon achieving results. It encourages bold strategies, such as implementing methods to increase housing densities, accelerate project timelines and promote affordable units.

In Budget 2024, $400 million more was allocated to the HAF to encourage local governments to speed up home construction. It is expected that 12,000 new homes will be permitted in the next four-year period. The HAF is part of Canada’s National Housing Strategy, an $82+ billion plan to provide more Canadians with a place to call home. As of March 20, 2024, the federal budget has allocated $50.97 billion for the creation of 146,000 housing units and the repair or renovation of 286,000 housing units. Priority is given to housing that helps seniors, Indigenous Peoples as well as people who are homeless or at risk.