The federal government is promising $33.5 million to help three Vancouver Island communities accelerate their housing plans.
The funding will go to Victoria, Campbell River and Comox to help build more than 900 homes over the next three years, and an estimated 16,000 homes in the three regions over the next decade.
In Victoria, the federal government is planning to provide nearly $18 million to bolster the city’s housing “action plan.”
That action plan includes seven initiatives that will eliminate rezoning and public hearing requirements for affordable rental housing, and introduce zoning changes to support the construction of more medium-density buildings, like duplexes, multiplexes and townhouses.
Meanwhile, Campbell River will receive more than $10 million to fund its action plan, which will support more diversity in its housing options and density, and update zoning permissions along major transit corridors.
The Town of Comox will also receive more than $5 million to help streamline its development approval process, improve infrastructure support for residential developments, and to incentivize the construction of accessory dwelling units.
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The roughly $33.5 million in funding comes from the federal government’s Housing Accelerator Fund (HAF).
HAF is expected to fast track the construction of 100,000 new homes across Canada over the next three years, and an estimated 600,000 homes over the next decade, according to the federal government.
The program “asks for innovative action plans from local governments, and once approved, provides upfront funding to ensure the timely building of new homes,” says Ottawa. The program will also provide additional funding once the housing is actually completed.
“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,” said the federal government in a release Friday.
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Adam Chan
