Brantford 2023 Housing Targets – City Cashes in over $3 million from the Building Faster Fund
Ontario recently announced a significant boost for Brantford, providing the city with over $3 million in funding through the Building Faster Fund. This funding comes as a reward for Brantford exceeding its housing targets in 2023, showcasing the city’s commitment to addressing the housing supply crisis.
Brantford’s Housing Achievement and Reward
In a commendable feat, the city broke ground on 788 new housing units in 2023, surpassing the Brantford housing targets for the year. This achievement not only signifies Brantford’s dedication to addressing its housing needs but also highlights the effectiveness of the Building Faster Fund in incentivizing municipalities to accelerate housing development.
The $3,066,849 in funding awarded to Brantford will be instrumental in furthering the city’s housing goals. This funding is a testament to the Ontario government’s commitment to supporting municipalities that actively work towards resolving housing challenges.
Mayor Kevin Davis expressed his gratitude for the funding, emphasizing the importance of these resources in furthering Brantford’s housing initiatives. He highlighted the city’s commitment to providing safe and affordable housing for all residents, underscoring the positive impact this funding will have on the community.
“Brantford continues to grow at an unprecedented rate and we’re grateful to all those who contribute to the development and investment in our community. We appreciate the Provincial Building Faster Funding, which will allow our city to sustain its expansion and our community to continue to grow, while also remaining a welcoming community, that is a truly incredible place to live, work and play, and learn.”
Kevin Davis, Mayor of the City of Brantford
The additional funding will enable Brantford to continue its momentum in developing and implementing innovative housing solutions. By exceeding expectations and setting a high standard for housing initiatives, not only were Brantford’s 2023 Housing Targets surpassed, addressing immediate needs but also ensuring a sustainable and inclusive future for its residents.
Tracking Housing Supply Progress
Ontario has set an ambitious goal of constructing a minimum of 1.5 million homes by 2031. The province has tasked its 50 largest municipalities with specific housing targets. In support of this initiative, Ontario has introduced the $1.2 billion Building Faster Fund. This fund aims to incentivize municipalities to meet their housing targets by providing funding to those that achieve at least 80% of their annual goal. Additionally, municipalities that exceed their targets are eligible for bonus funding.
Building Faster Fund: Encouraging Progress and Innovation
Announced in August 2023, the Building Faster Fund is a $1.2 billion program aimed at encouraging municipalities to tackle the housing supply crisis. The fund rewards municipalities that make significant progress against their targets, providing funding for housing-enabling and community-enabling infrastructure.
“I am thankful every single day for the incredible working relationship that we have with the City of Brantford. With the support of these provincial funds, our community will sustain its expansion while creating new job opportunities and business growth. The City of Brantford is ideally located near the United States border and the GTHA markets and with the help of the City of Brantford, Council and residents, we will continue to be the best place to live, work, raise a family and grow in Ontario.”
Will Bouma, MPP for Brantford-Brant
One of the key features of the fund is its flexibility. Municipalities that have reached at least 80% of their housing target receive funding, with additional rewards for those exceeding their targets. This approach not only acknowledges progress but also incentivizes municipalities to aim higher in their housing development efforts.
Brantford 2013 Housing Targets Promote Growth and Development
The funding awarded to Brantford will have a tangible impact on the city’s growth and development. By investing in infrastructure to support the construction of new homes, Brantford can sustain its expansion and accommodate its growing population. This funding will also create job opportunities and stimulate business growth, further enhancing Brantford’s appeal as a place to live and work.
Matt’s Stats
- When calculating a municipality’s progress toward its housing target, factors such as new housing starts, upgraded long-term care beds, and the creation of additional residential units through renovations or conversions of existing buildings are all taken into account.
- In 2023, Ontario achieved 99 percent of its target of 110,000 new homes. This figure includes housing starts, additional residential units, and new and upgraded long-term care beds. Notably, the province initiated 18,992 rental starts in 2023, marking the highest number of rental starts on record.
- Additionally, nearly 10,000 new and upgraded long-term care beds were introduced.
- Nearly 10,000 additional residential units were established in 2023. This figure includes the conversion of single-family homes into multi-unit residences and the transformation of commercial office space into residential use.
- Ontario has also made substantial investments in municipalities to support housing-enabling infrastructure. This includes allocating $200 million over three years for the Housing-Enabling Water Systems Fund and providing the Ontario Community Infrastructure Fund with $400 million annually.
Ontario’s Housing Initiatives: A Comprehensive Approach
Ontario’s commitment to addressing the housing supply crisis extends beyond the Building Faster Fund. The province has introduced several initiatives to support housing-enabling infrastructure, including the Housing-Enabling Water Systems Fund and the Ontario Community Infrastructure Fund. These investments demonstrate Ontario’s holistic approach to tackling housing challenges, encompassing both urban and rural areas.
The funding awarded to Brantford is a testament to the city’s proactive approach to housing development and Ontario’s commitment to supporting municipalities in addressing the housing supply crisis. As Brantford continues to grow, this funding will play a crucial role in ensuring that the city remains a vibrant and welcoming community for all its residents.
