Richmond Hill receives $31M from federal government to help encourage more affordable housing

Housing Accelerator Fund encourages initiatives that increase housing supply and promote the development of affordable, inclusive and diverse communities that are low-carbon and climate-resilient

yorkregion.com
Dec. 4, 2023

Richmond Hill has received a $31-million investment from the federal government meant to set the stage for more affordable housing options.

“We are in a housing crisis and we need to take bold action now,” Mayor David West said in a press release. “Although as a municipality we don’t build the homes, with the Housing Accelerator Fund (HAF), we now have access to more ways to encourage owners and builders to create affordable homes.”

The fund encourages initiatives that increase housing supply and promote the development of affordable, inclusive and diverse communities that are low-carbon and climate-resilient.

“This funding will help remove barriers and speed up the process of bringing more housing for people here in Richmond Hill and it will bring us closer to creating new affordable residential units by advancing infrastructure that unlocks residential development”.

The fund “will help incentivize builders to create affordable homes for people who work in Richmond Hill, seniors who want to downsize and multi-generational families who want to live close to one another in our community,” Mayor West said.

The city is updating its official plan to support higher density along main corridors.

“The Housing Accelerator Fund is only one step toward solving the housing crisis, but it is an important one,” Mayor West said. “We are grateful for the federal government’s financial support, which is critical to our ability to enable and expedite the creation of much needed housing development in our city and bring more affordable housing to those who want to make Richmond Hill their home.”