The City of Peterborough’s application for funding under the second round of the Government of Canada’s Housing Accelerator Fund (HAF) has been approved.
On Monday (January 27), the Canada Mortgage and Housing Corporation (CMHC) announced Peterborough is one of 23 municipalities in Ontario that will receive a total of almost $138 million in funding under HAF, a $4.4 billion initiative announced in 2023 that will run until 2027-28.
While the CMHC media release does not indicate how much funding each municipality would receive, the City of Peterborough had applied for $10,690,354 under the $400-million second round of HAF. The city applied for the funding after a previous application for $24 million under the first round of HAF funding was rejected.
According to the release, the $138 million in HAF funding to the 23 municipalities will accelerate the construction of over 4,200 homes over the next three years.
The CMHC announcement comes the day after the Ontario government announced it is providing $3.75 million to the City of Peterborough under the Municipal Housing Infrastructure Program.
The funding comes through the program’s Housing-Enabling Core Servicing Stream, which includes $400 million to help build, repair, and maintain municipal roads, bridges, and culverts that will promote housing growth in communities across Ontario.
The city had applied for the funding to upgrade infrastructure in the Towerhill Road and Fairbairn Street area, where a subdivision is currently being constructed off Lily Lake Road.
According to a media release from Peterborough-Kawartha MPP Dave Smith, the provincial funding will facilitate the construction of up to 4,956 new homes in Peterborough.
