Alberta towns get green light from Housing Accelerator Fund
The funding is expected to help create thousands of affordable homes in the coming years.
Key Takeaways:
- $13.8 million will be distributed to the towns of Banff, Sylvan Lake, Bow Island, Westlock, Smoky Lake and the Village of Duchess.
- The plan is to fast track a combined total of over 400 homes over the next three years.
- Officials expect the work will help spur the construction of more than 3,100 homes over the next decade.
The Whole Story:
The Government of Canada and the Towns of Banff, Sylvan Lake, Bow Island, Westlock, Smoky Lake and the Village of Duchess announced that they reached agreements to fast track a combined total of over 400 homes over the next three years.
Officials expect the work will help spur the construction of more than 3,100 homes over the next decade.
These agreements under the Housing Accelerator Fund (HAF), will provide a combined total of over $13.8 million to eliminate barriers to building homes.
Banff will receive more than $4.6 million to support its Action Plan which commits to five local initiatives that enable a variety of housing forms and densities.
The funding will enable the reduction of parking requirements, as well as updates to the density intensification policy. Banff’s Action Plan aims to encourage the development of accessory dwelling units by providing financial support and streamlined processing and will incentivize more housing development by creating a suite of financial tools such as tax strategies and fee waivers. Additionally, Banff will unlock efficiencies in the town’s permitting process.
HAF asks for innovative action plans from local governments, and once approved, provides upfront funding to ensure the timely building of new homes, as well as additional funds upon delivering results. Local governments are encouraged to think big and be bold in their approaches, which could include accelerating project timelines, allowing increased housing density, and encouraging affordable housing units.
“Today’s announcement will help fast-track a combined total of over 400 homes in Banff, Sylvan Lake, Bow Island, Westlock, Duchess and Smoky Lake over the next three years and over 3,100 homes over the next decade,” said Sean Fraser, minister of housing, infrastructure and communities. “By working with cities, towns, municipalities, mayors, and all levels of government, we are helping to get more homes built for Canadians at prices they can afford.”
