The City of Peterborough is getting over $1.65 million from the Ontario government after exceeding its housing target set for 2025.
This funding is part of the third round of the province’s Building Faster Fund, which rewards cities that hit at least 80 percent of their yearly housing goals. Last year, Peterborough started construction on 545 new homes, surpassing its target by 16 percent.
The city will receive $1,653,397 to aid in housing-related infrastructure and future growth.
“Our government is relentlessly focused on creating the conditions municipalities need to meet the growing demand for more homes,” Municipal Affairs and Housing Minister Rob Flack said in a statement. “We appreciate partners like Peterborough who are committed to working alongside us.”
Mayor Jeff Leal mentioned that this funding acknowledges the city’s efforts in promoting new housing development.
“Thank you to Minister Flack, MPP Smith and the Government of Ontario for their partnership to help get more homes built in our community,” Leal said. “The City of Peterborough is taking action to support housing construction by reducing development charges and streamlining our development approvals process through the implementation of a Community Planning Permit System.”
The Building Faster Fund was launched in 2023 as a three-year program worth up to $1.2 billion. It offers municipalities funds for infrastructure necessary for supporting housing growth.
The province also mentions it is speeding up home building through recent legislation aimed at simplifying development approvals and cutting costs for builders.
Peterborough-Kawartha MPP Dave Smith stated that exceeding the city’s housing target will help keep things moving forward.
“We know that increasing the housing supply is the best way to make life more affordable for seniors and young families in Peterborough,” Smith said. “This funding goes straight into building the foundation-the pipes, roads and local services-needed to keep our building momentum going.”
The province has indicated that municipalities lowering development charges will also be prioritized for extra infrastructure funding through Ontario’s Development Charge Reduction Program.
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