Feds, Mississauga agree to $113 million housing deal
The federal government and the City of Mississauga have struck a deal worth $113 million to deliver more homes in the city and to improve housing affordability.
The agreement will help bring more than 3,000 new homes and related infrastructure to Mississauga over the next three years. With the addition of these new units, the city says it expects to approve permits for more than 13,000 new homes by 2026.
“This direct funding will help cities like Mississauga who are on the front lines of the housing crisis fast track the building of new homes,” said Mayor Bonnie Crombie. “Given the severity and the complexity of this crisis, we need to be bold, work quickly and use every tool available to us.”
The funding will support eight initiatives under the city’s housing action plan, including:
- Developing a range of incentives to boost the development of affordable rental housing.
- Introducing process improvements and incentives to encourage more housing types such as fourplexes, triplexes, townhouses and semi-detached homes in low-rise neighbourhoods.
- Streamlining approval processes to get development applications and building permits issued more quickly.
- Investing in infrastructure to unlock new growth and development around transit stations.
- Investing in affordable housing for households in need.
- Identifying new opportunities for residential development on underused lands including government-owned parcels.
The federal government’s Housing Accelerator Fund aims to fast track the construction of at least 100,000 permitted new homes over the first three years which cities and regions estimate will lead to the creation of over 250,000 permitted new homes for people in towns, cities, and Indigenous communities across Canada.
In exchange for funding, the cities are required to develop innovative action plans to ensure the timely building of new homes, as well as additional funds upon delivering results.