Ontario Premier Doug Ford announced the Building Faster Fund in his speech to policy makers at the annual Association of Municipalities of Ontario conference on Monday.
It’s an incentivized program in hopes to inspire local governments to do their part to help achieve the provincial government’s target of 1.5 million new homes by 2031.
On housing as a whole, Ford acknowledged that the status quo cannot do.
Municipalities will receive additional provincial funding should they attain at least 80% of their housing targets each year, and a bonus should they surpass 100%.
The new fund is a three year program and $1.2 billion investment.
