Premier Ford: Ontario allocates $17.6M to Hamilton via Building Faster Fund

Hamilton, a bustling city in Ontario, has garnered attention today as Premier Doug Ford announced a substantial financial injection of $17,587,390. The funds stem from Ontario’s Building Faster Fund, a program initiated to combat the housing supply crisis. Hamilton’s exceptional performance in surpassing its 2023 housing target, with the groundbreaking of 4,142 new housing units, prompted this allocation.

City’s Triumph

“Hamilton is getting it done on housing,” exclaimed Premier Doug Ford, lauding the city’s achievements. He expressed pride in Mayor Andrea Horwath and the council’s efforts, challenging them and other municipalities to escalate home construction further. The aim is to enhance affordability and sustain the dream of homeownership for families across Ontario.

Municipal Endeavors Rewarded

The Building Faster Fund, introduced in August 2023, is a $1.2 billion initiative spanning three years. It incentivizes municipalities to tackle housing challenges head-on by rewarding progress against set targets. Municipalities exceeding 80% of their provincial housing targets receive funding for housing and community-enabling infrastructure.

Mayor’s Commitment

Hamilton’s Mayor, Andrea Horwath, commended the city’s dedication to facilitating housing development. She emphasized the importance of stable and affordable housing for every citizen. Mayor Horwath reiterated her commitment to fostering diverse housing options, ensuring access to secure accommodation for all residents.

Provincial Support

Ontario’s investment in housing and community-enabling infrastructure is unprecedented. Alongside the Building Faster Fund, initiatives like the Municipal Housing Infrastructure Program and the Housing-Enabling Water Systems Fund are bolstering housing efforts. The province aims to build 1.5 million homes by 2031 to address housing affordability.

Hamilton Receives 17.6M Funding Boost

Funding Allocation

A portion of the Building Faster Fund, totaling $120 million, is earmarked for small, rural, and northern municipalities. This allocation prioritizes housing-enabling infrastructure projects, aiming to expedite the increase of housing supply in these areas.

Record-Breaking Achievements

In 2023, Ontario achieved 99% of its target of 110,000 new homes, setting a record for rental starts and additional residential units. The province witnessed substantial growth in residential development, including conversions of single-family homes and commercial spaces into multi-unit residences.

Voices of Support

Political figures like Minister of Municipal Affairs and Housing, Paul Calandra, and local representatives Neil Lumsden and Donna Skelly, have voiced support for Hamilton’s housing endeavors. They applaud the city’s accomplishments and affirm the government’s commitment to ensuring affordable housing for all residents.

Hamilton’s success in surpassing its housing targets underscores the effectiveness of proactive measures in addressing housing needs. With substantial provincial support and local determination, the city is poised to continue its trajectory of growth and development, ensuring a brighter future for its residents.