The federal government and the City of Peterborough have reached an agreement to fast-track the construction of 356 homes over the next three years through the Housing Accelerator Fund.
Officials say the initiative is expected to spur the development of 2,531 homes over the next decade.
The agreement will provide Peterborough with more than $10.6 million to eliminate barriers to housing development. The funding is part of the second round of the HAF, a national program designed to streamline zoning regulations and speed up permitting processes to enable faster, more affordable home construction.
Kingston and the Islands MP Mark Gerretsen helped make the announcement.
Audio PlayerThe HAF requires municipalities to submit action plans that unlock funding by demonstrating clear commitments to accelerating housing initiatives. Peterborough’s plan includes seven key measures, such as reducing parking requirements to lower development costs, allowing up to four units as-of-right in urban-serviced areas, and incentivizing medium-density housing in traditionally low-density neighbourhoods.
Additionally, the city will repurpose vacant and underutilized public land for affordable housing projects and implement a public-facing e-permitting portal to speed up approval processes.
Mayor Jeff Leal says housing is something that is needed in our community.
Audio PlayerThe HAF aims to support the construction of at least 112,000 new homes by 2028, with estimates suggesting it could lead to over 750,000 new homes across the country in the next decade.
