Oakville could receive up to $50 million in federal funding to help grow its housing supply.
The town has applied for money through the Housing Accelerator Fund (HAF), a $4 billion federal program that aims to speed up the delivery of new homes.
If Oakville is approved for funding, the money could begin to flow as early as next month.
Funds can be used for a range of purposes, including growth-related infrastructure like roads, parks, fire stations and water and wastewater infrastructure. It can also be used to increase the supply of affordable housing.
Details of the town’s application, along with a required housing strategy and action plan, were outlined to town councillors at their July 11 planning and development council meeting.
Goals, objectives and initiatives have been identified to help the town achieve five key housing outcomes:
- Increase housing supply
- Improve affordability
- Enhance housing choice
- Accelerate housing delivery
- Develop complete communities
If approved for funding, the town would receive between $20,000 and $51,000 for each of the new 1,074 residential units covered in its initiatives.
That could amount to between $20 and $50 million flowing into town coffers, noted Mayor Rob Burton.
"I do appreciate the federal government trying to address with money the problem of housing supply since their changes to immigration are certainly driving the need for housing," he said.
"It’s good to see them put some money where their immigration policy is, so to speak."
The Housing Accelerator Fund, announced in the 2022 federal budget, is administered by Canada Mortgage and Housing Corporation (CMHC).
It aims to see 100,000 more housing units permitted across Canada than would have occurred without the program.
"Securing HAF funding will provide the town with opportunities to better address the increasingly complex housing needs of the community, enable the delivery of a range and mix of housing, and fund necessary infrastructure," said town planner Brad Sunderland.
Town staff will seek public feedback on the housing strategy and action plan through a webpage and online survey.