Ontario’s Building Faster Fund Boosts Thunder Bay’s Housing Drive with $870,890 Reward

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Premier Doug Ford at Heddle Shipyards
Premier Doug Ford at Heddle Shipyards

Premier Ford Commends City’s Achievement with New Funding

Premier Doug Ford highlighted Thunder Bay’s remarkable achievement in housing development by awarding the city $870,890 through the Ontario Building Faster Fund. This recognition comes as Thunder Bay notably surpassed its 2023 housing goal, initiating construction on 200 new units last year, signalling a strong push towards mitigating the housing supply crisis.

“Thunder Bay’s proactive efforts in housing development have set a commendable benchmark,” stated Premier Ford, praising Mayor Ken Boshcoff and the city council for their successful strides in exceeding last year’s housing targets. Ford’s message was clear as he urged Mayor Boshcoff and other Ontario mayors to amplify housing construction, promising provincial support to sustain the momentum in making homeownership more attainable across the province.

Thunder Bay Atikokan MPP Kevin Holland stated, “I’m pleased to see that our government is providing additional funding to the City of Thunder Bay for their hard work in ensuring that their housing targets have been met. Housing is a critical issue for all of Ontario at this time and the provincial incentives are key to making sure our residents can access affordable housing.”

Mayor Ken Boshcoff expressed gratitude for the provincial recognition and funding, emphasizing Thunder Bay’s dedication to expanding its housing capacity.

“The City of Thunder Bay is all in on new housing and is working hard to set the stage for additional housing development,” said Mayor Ken Boshcoff. “The provincial recognition of Thunder Bay as one of the first cities to achieve its housing target is something of which we are immensely proud. These funds will allow our community to continue to grow, and will help provide the tools we need to build more homes faster.”

Introduced in August 2023, the Building Faster Fund is part of a three-year, $1.2 billion initiative aimed at incentivizing municipalities to accelerate their housing supply efforts. It offers financial support to cities that achieve at least 80% of their annual housing targets, with additional rewards for surpassing these goals.

Building Towards a Housing Solution

  • Historic Investments: The Ontario government is channeling unprecedented funds into housing and community infrastructure, including significant enhancements to the Ontario Community Infrastructure Fund and the introduction of the $1 billion Municipal Housing Infrastructure Program.
  • Record-Breaking Developments: In 2023, Ontario witnessed a record 18,992 rental unit starts and nearly 20,000 additional residential spaces and upgraded long-term care beds, demonstrating substantial progress towards its housing supply targets.
  • Supporting Municipal Efforts: Associate Minister of Housing, Rob Flack, and Kevin Holland, MPP for Thunder Bay-Atikokan, lauded the province’s strategic investments and Thunder Bay’s exemplary performance in meeting housing demands, emphasizing the critical nature of housing availability in Ontario.

This strategic infusion of funds into Thunder Bay’s housing initiative through the Building Faster Fund not only celebrates the city’s achievements but also reinforces Ontario’s broader commitment to addressing the housing supply challenge, setting a precedent for other municipalities to follow.

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