Ottawa set to receive funding from federal government under Housing Accelerator Fund

The City of Ottawa is set to receive a major boost in housing funding from the federal government under the Housing Accelerator Fund.

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Mayor Mark Sutcliffe said during Wednesday’s City Council meeting that the city has signed an agreement with the government, but did not announce any details.

"The full details of this significant investment for our city will be provided in a formal announcement in the coming days, but I wanted to share the news today that we have an agreement," Sutcliffe said.

“This funding will greatly amplify our efforts to build affordable housing and streamline the planning approval process."

The Housing Acceleration Fund aims to cut red tape and update local zoning policies. The initiative, overseen by the Canada Mortgage and Housing Corporation (CMHC), has allocated $4 billion across the country to accelerate the construction of 100,000 new homes over the next five years.

Last summer, the city approved an application of $150 million from the fund to increase housing permits by at least 10 per cent over three years.

The application identified nine initiatives, including accelerating the preparation of city-owned lands for housing, streamlining planning approvals and establishing an office-to-residential conversions pilot.

The federal government has already announced funds for other municipalities across the country, including more than $59 million for the city of Vaughn and $74 million for London, Ont.