Brampton (Feb 23) – Premier Doug Ford announced today that Ontario will be providing Brampton with over $25.5 million in funding through the Building Faster Fund for making substantial progress towards meeting its 2023 housing target having broken ground on a total of 7,028 new housing units last year.
“Brampton has shown it can get it done on housing and we are proud to reward them for their success,” said Premier Doug Ford. “I’m so proud of Mayor Brown and his council colleagues for leading Peel Region in progress toward their housing targets last year.”
“My challenge to Mayor Brown and to every mayor in Ontario is to get even more homes built in the coming years so we can make life more affordable and keep the dream of homeownership alive for families across the province,” he added. We’ll be there to support you every step of the way.”
Announced in August 2023, the Building Faster Fund is a three-year, $1.2 billion program that is designed to encourage municipalities to address the housing supply crisis. The fund rewards municipalities that make significant progress against their targets by providing funding for housing-enabling and community-enabling infrastructure. Funding is provided to municipalities that have reached at least 80 per cent of their provincially assigned housing target for the year with increased funding for municipalities that exceed their target.
Yesterday Toronto received $114 million from the fund for exceeding the province’s 2023 housing target for the city by more than 50 percent.
Mayor Patrick Brown thanked the premier and province for the funding.
“This is a significant step toward improving Brampton’s housing supply crisis by providing more attainable housing options for residents, creating a future that is more stable and secure,” Brown stated.
The Brampton mayor says that last year his city made “significant strides toward hitting our housing and anticipates this year “building activity will continue to be strong”.
“As the fastest growing big city in the country, investing in housing isn’t just about building the structures, it is about building communities and ensuring residents always have somewhere to call home,” Brown added.”
In the coming weeks, the province will announce Building Faster Fund rewards for all municipalities that met, exceeded or achieved 80 per cent of their assigned housing targets in 2023.
Any unspent funding will be made available for housing-enabling infrastructure to all municipalities, including those that have already received funding as a result of reaching their targets, through an application process.
In addition, ten per cent – or $120 million – of the Building Faster Fund is being set aside for small, rural and northern municipalities to help build housing-enabling infrastructure and prioritize projects that speed up the increase of housing supply.
