Council approved the township's Housing Accelerator Fund (HAF) application at their Aug. 14 meeting. If successful, Loyalist Township could see up to $2.8M in funding.
The HAF is a $40B federal funding program operated by Canada Mortgage and Housing Corporation (CMHC.) The program runs for three years, beginning Sept. 1, 2023. The funding provides a base of $20,000 for a single detached dwelling and $32,000 for a row house. According to the 2021 Census, the township's current housing stock is 7,145 units.
As set out by the funding guidelines, the money can be put towards housing accelerator action plans, affordable housing, housing-related infrastructure, and community related infrastructure. Members of council were diligent in ensuring the goals of the township's action plan would be a main focus for the funding. They noted in their report that without the funding, many key initiatives would be delayed or not completed.
Director of Corporate Services Jenna Campbell explained how the funding is rolled out.
"It would be 25 percent in the first year if you're successful, and then two milestones of 25 percent of the funding as long as you're meeting your action plan initiatives, and the last 25 percent would flow based on your success at achieving your housing unit targets," said Campbell.
The township's current action plan outlines policies meant to reduce development times, and improve access to services and infrastructure that are identified needs for growth.
According to the staff report, the HAF funding would be used to support seven different initiatives within the township.
- Zoning By-law Comprehensive Review - $50,000
- Reducing Commenting Timelines for Planning Applications - $109,000
- Design Guideline Clarity - $200,000
- Development Policy Review - $50,000
- Reduction in Unaccounted for Water and Inflow & Infiltration - $750,000
- Growth Related Infrastructure Implementation - $945,000
- Transit Extension - $700,000
Another portion of the funding is proposed to go towards housing related and community related infrastructure. If successful, the funding and associated programs will be built into the 2024 budget.
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