Markham Receives $58.8M From Government To Fast Track Home Building
The City of Markham is set to fast-track the development of thousands of new homes after a significant financial boost from the federal government, aiming to address the urgent need for affordable housing in the region.
In a recent announcement, the City of Markham revealed that it has secured $58.8 million through the Housing Accelerator Fund (HAF), a move that aligns with Canadaβs broader National Housing Strategy. This funding is earmarked for the acceleration of housing projects that will not only increase the local housing supply but also ensure that these homes are accessible to individuals and families across different income brackets.
The investment will facilitate the construction of over 1,640 housing units within the next three years, contributing to a total of more than 6,630 new homes over the next decade. By partnering with developers and utilizing the upfront funding provided by the HAF, Markham aims to create a diverse array of housing options. This includes not only standard residential units but also affordable homes that meet the needs of lower-income families.
Markhamβs municipal government has also designed a plan that aspires to keep the timeline of development as efficient as possible. The plan includes initiatives such as increasing the density around major transit areas, modernizing the application and permitting process, and reducing minimum parking requirements for new developments. These measures were put in place in order to cut through bureaucratic issues that might pose a threat to the construction process.
As the project progresses, the expected increase in housing supply in Markham could help stabilize local rental markets and provide more Canadians with the opportunity to live in affordable, high-quality homes. This initiative reflects a significant step forward in the fight against the housing affordability crisis which still runs rampant in the country.
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