Premier Ford Announces $1.2 Billion Building Faster Fund for Municipalities
LONDON, ON, Aug. 21, 2023 /CNW/ - Today at the 2023 Association of Municipalities of Ontario (AMO) Conference at the RBC Place in London, Ontario, Premier Doug Ford announced a new $1.2 billion Building Faster Fund to help municipalities support the creation of new housing. Funding will flow to municipalities over a three-year period, beginning in 2024-25. Increased housing supply and affordability are top priorities for municipalities across Ontario.
"To meet the province's target of building 1.5 million new homes by 2031, municipalities need to invest in infrastructure such as water and wastewater, roads, parks, emergency services and more," said Colin Best, AMO President. "This is an important step toward addressing the gap in municipal infrastructure funding created by Bill 23."
Ontario municipalities own and manage almost $500 billion of infrastructure systems. In 2021, municipalities invested nearly $12 billion in infrastructure assets. Ontario municipalities estimate that additional funding of at least $1 billion annually will be needed to address the shortfall created by changes to the Development Charges Act.
Most of the funding will be directed to Ontario's largest and fastest growing municipalities, and it will be tied to performance against housing targets assigned by the province and committed to by municipalities earlier in 2023. A portion of funding will also be available for smaller municipalities that do not have housing targets.
The province has committed to work with AMO and municipal representatives on program details to support implementation.
More than 2,000 participants are attending the 2023 AMO Conference in London, August 20 – 23. It's an important opportunity for municipal officials to work together with the Ontario government on solutions to today's greatest challenges. The event features more than 60 speakers, sessions and workshops, reflecting the broad scope of municipal responsibilities and priorities. Reporters can register onsite in Salon C2, RBC Place, London. For program details, visit https://www.amo.on.ca/2023-amo-conference.
AMO works to make municipal governments stronger and more effective. AMO brings together Ontario's 444 municipalities to achieve shared goals and meet common challenges.
Follow the Conference on X (formerly Twitter), @AMOPolicy, and use the hashtag #AMO2023
For further information:
Brian Lambie, AMO Media Contact, 416-729-5425, email@example.com.