Ken Boshcoff, mayor of Thunder Bay, Ont., speaks about the Housing Accelerator Fund. City councillors will receive three reports at next week's council meeting from staff with recommendations on how to spend the money on a few different initiatives.
The federal government is approving up to $20.7 million for the City of Thunder Bay through its Housing Accelerator Fund . As council considers how to spend the money effectively to meet the community's needs, here's what city staff are recommending when it comes to incentivizing development.Ken Boshcoff, mayor of Thunder Bay, Ont., speaks about the Housing Accelerator Fund.
The CMHC is providing the housing accelerator dollars in four equal advances, the first of which has already been paid. "This is direct incentives and different funding opportunities for not-for-profit organizations, developers, and individuals who are looking to build more units," Stevenson said. "That's a fairly significant reduction. However, we are very confident that we've been able to save as much money as possible to provide direct incentives," Stevenson said.Those that apply for the grants must meet certain criteria; at least 30 per cent of their proposed units must be considered affordable.The city's goal is for at least 20 per cent of all units supported by the housing accelerator money to be affordable.
A worker builds an apartment building in Thunder Bay, Ont., in this September 2023 file photo. The city's housing target through the Housing Accelerator Fund is 1,691 units by February 2027.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ontario spending more than $9M for new transitional housing in Thunder BayL-R Thunder Bay Mayor Ken Boshcoff, Thunder Bay-Atikokan MPP Kevin Holland, Ontario Minister of Municipal Affairs and Housing Paul Calandra, Thunder Bay City Coun. Brian Hamilton, and Thunder Bay District Social Services Administration Board CEO Bill Bradica at Thursday morning's announcement of new funding for transitional housing in Thunder Bay.
Read more »
Thunder Bay Chamber of Commerce Shift: Thunder Bay's Young Professionals Network ReturnsShift: Thunder Bay's Young Professionals Network, developed by young professionals more than 10 years ago, is making a comeback after being affected by the COVID-19 pandemic. The network aims to provide networking and collaboration opportunities for individuals between 19 and 40 years old from various professions and backgrounds.
Read more »
First Nation leaders renew call to disband Thunder Bay policeFamily members of three Indigenous people who died in the city of Thunder Bay say there is a lack of communication from the Thunder Bay Police Service on the investigations and join calls by First Nation leaders to disband the police service and board.
Read more »
These anglers are helping sustain Thunder Bay, Ont.'s 'world-class' urban fishing spotsRandy Beamish, left, and Gord Ellis fish at the McIntyre River on April 18, 2024. While fishing they discussed the importance of sustainable urban fishing and encouraged more to come out.
Read more »
The Thunder Bay Finnish Canadian Historical Society is celebrating 50 years and wants everyone to joinJorma Halonen, left, and Saku Pinta reflect on the history of the Thunder Bay Finnish Canadian Historical Society.
Read more »
Good Morning, Thunder Bay!Here's a look at the current local weather and gas prices.
Read more »