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Posted: Saturday, March 25, 2023

Housing Accelerator Fund (HAF)

Government of Canada

Link to Press Release

Description

The Housing Accelerator Fund (HAF) is a $4 billion initiative that will provide funding for local governments to fast track the creation of 100,000 new homes across Canada. Local governments are now invited to develop innovative action plans, in line with the flexible criteria, to remove barriers to building more homes, faster.

The Fund will help cities, towns, and Indigenous governments unlock new housing supply by speeding up development and approvals, like fixing out-of-date permitting systems, introducing zoning reforms to build more density, or incentivizing development close to public transit. Local governments are encouraged to think big and be innovative in their approaches. They could be accelerating project timelines, allowing increased housing density, encouraging affordable housing units, and more. The Fund will provide upfront funding to support implementation, as well as additional funds upon delivering results.

Eligibility

Local governments in Canada with delegated authority over land use planning and development approvals, including First Nations, M├ętis and Inuit governments, can apply.

Funding

The HAF is a $4 billion initiative from the Government of Canada that will run until 2026-27. It was announced in Budget 2022, along with other initiatives to make housing more affordable and accessible for Canadians, including:

  • Investing $1.5 billion to launch a third round of the Rapid Housing Initiative and create at least 4,500 additional affordable housing units across Canada, with 25 per cent of investments going toward women-focused housing projects;

  • Introducing a new Tax-Free First Home Savings Account to allow Canadians to save up to $40,000 tax-free to help buy their first home;

  • Doubling the First-Time Home Buyers’ Tax Credit to provide up to $1,500 in direct support to home buyers to offset closing costs involved in buying a first home;

  • Launching a $200 million stream under the Affordable Housing Innovation Fund to develop and scale up rent-to-own projects.

How to Apply

The application portal for the Housing Accelerator Fund (HAF) will open this June.

Application Period

TBD
Contact Name: Housing Accelerator Fund
Contact Phone: 1-800-668-2642
Contact Email: [email protected]
Subject Area(s): Housing
Last Reviewed: March 25, 2023, 9:38 am
Deadline: No Official Deadline
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