Since 2015 Hamilton has seen more than $500 million from the federal government in funding to boost the city’s housing shortage.
And the city should expect additional money from the Liberals, said Hamilton MP and cabinet minister Filomena Tassi following the government’s fall economic statement that will provide $15 billion in low-cost loans and an additional $1 billion in affordable housing money.
“We know housing is one of Canada’s top concerns,” Tassi said during a media event Nov. 23 in front of an affordable housing development on King William Street. “We’ve heard you and we are taking action.”
The federal government’s financial help to Hamilton manifested itself in October when the city agreed to a commitment of building about 2,600 new housing units during the next three years at a cost of about $93 million.
The funding was from the federal government’s Housing Accelerator Fund aimed at helping cut red tape, upgrading infrastructure and removing other barriers to construction during what has been characterized as a housing crisis.
The announcement could see close to 2,600 building permits issued during the next three years by the city, with the possibility of issuing about 9,000 units in the next decade.
Hamilton has already committed to zoning reform and expanding “as-of-right zoning” permission for housing that includes amending a bylaw for construction of up to four residential units on one lot.
The minister said there were two “key” objectives to the fall economic statement, which is constructed on projections from economists across the country — supporting the middle class and building houses.
Tassi emphasized the Liberal government commitment to its housing strategy by holding the announcement at an affordable housing development being constructed at 253 King William St. The three-storey modular structure with 24 studio-style residential units sits on a former city-owned parking lot between a church and another multi-use residence. It is scheduled to be completed in the early part of 2024.
The project was part of a January 2022 announcement by the Liberals that provided $26.7 million to help construct 109 new homes in Hamilton. The King William project is estimated to cost about $6.4 million.
In terms of housing, the fall economic statement offers up to $15 billion in new loan funding starting in 2025-26, which the Liberals estimate could build more than 30,000 new rental units across the country. The program will have low-interest loans managed through the Canada Mortgage Housing Corp. to allow builders to move ahead with projects that had been ignored.
An additional $1 billion is also being allocated for a new affordability focused housing fund starting in 2025-26 that will support non-profit, co-op and public housing builds with a target of 7,000 new homes by 2028. And there will be $309.3 million in new funding for the Co-operative Housing Development program.
“We are changing the financial equation for home builders and unlocking billions of dollars in the financial money that will go to the construction of new homes,” said Tassi.
The focus on housing was a welcome sign for city officials.
“The housing crisis remains our key priority to tackle in Hamilton,” said Ward 3 councillor Nrinder Nann, who is also president of CityHousing Hamilton. “We need to find new and innovative ways to build units quickly and at a lower cost.”
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