TAMRMS#: B06
11.1
REQUEST FOR DECISION
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Housing Accelerator Fund Initiatives
Presented by: Katie Mahoney Manager, Planning Branch, and Lory Scott, Affordable Housing Liaison
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RECOMMENDED MOTION(S)
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That PLAN-013 Housing Accelerator Fund Initiatives be approved in the amount of $11,813,100, to be funded from the Canada Mortgage and Housing Corporation (CMHC) Housing Accelerator Fund (HAF) Program.
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SUMMARY
This report seeks Council approval for the capital project charter, PLAN-013: Housing Accelerator Fund (HAF) Initiatives. Council's approval of the capital project charter will enable Administration to expend the funds allocated to the City through the HAF Program managed by the Canada Mortgage and Housing Corporation (CMHC).
St.?Albert has been approved to receive up to $11,813,094 in four installments over three years, based on meeting the goals defined within the City's HAF Action Plan. The funding allocated to the City does not require a cost matching component or funding contribution from the City of St.?Albert to move forward.
ALIGNMENT TO COUNCIL DIRECTION OR MANDATORY STATUTORY PROVISION
On August 15, 2023, Council passed the following motions:
AR- 23-403:
That the Housing Accelerator Fund (HAF) Action Plan be approved for submission to Canada Mortgage and Housing Corporation (CMHC) prior to August 18, 2023, Housing Accelerator Fund grant deadline.
That the Chief Administrative Officer be directed to enter into contribution or amending agreements that may be required by CMHC should the City be selected to receive funding.
BACKGROUND AND DISCUSSION
The Housing Accelerator Fund (HAF) was initially announced during the 2022 Federal Government budget, intended to drive transformational change in municipalities across Canada through incentive-based funding. Round One included a $4 billion budget which was distributed to 177 municipal applicants. Council authorized Administration to apply for Round O...
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