The Liberal campaign promise about the Fund
In their election platform, under the title “Help Cities Accelerate Housing Construction”, the Liberals said:
“Overly complex, backlogged, and under-resourced municipal zoning and permitting systems are slowing the pace of building much-needed homes.
“A re-elected Liberal government will:
- “Invest $4 billion in a new Housing Accelerator Fund which will grow the annual housing supply in the country’s largest cities every year, creating a target of 100,000 new middle-class homes by 2024-25. This application-based fund will offer support to municipalities that:
- grow housing supply faster than their historical average;
- increase densification; speed-up approval times;
- tackle NIMBYism and establish inclusionary zoning bylaws; and
- encourage public transit-oriented development.
“This fund will support a wide range of eligible municipal investments, including red tape reduction efforts, and reward cities and communities that build more homes, faster.
- Help speed up the time it takes to build more homes by investing in e-permitting technology and help communities streamline the planning process.
- Work with municipalities to identify vacant or underused property that should be converted to housing on the principle of use it or lose it.”