Canada reopens housing fund to speed up construction

The federal government announced the reopening of the Housing Accelerator Fund (HAF) application portal from July 15 to September 13, 2024. After receiving over 500 applications in the first round, the Budget 2024 allocated an additional $400 million to HAF. This funding aims to fast-track home construction, permitting an additional 12,000 homes over four years. Only applicants from the first round who were not selected can apply. They must update and resubmit applications, integrating best practices from the previous round.

Canada Mortgage and Housing Corporation will assess the applications, prioritizing ambitious and innovative proposals, with selections by the end of 2024. Through HAF, the government aims to cut red tape and accelerate the permitting of 100,000 new homes over three years, potentially creating 750,000 homes over the next decade. The initiative seeks to make housing more affordable across Canada.