The Town of Sylvan Lake has received a huge boost from the Federal Government’s Housing Accelerator Fund.
In a press release Monday, the town said they will get 5.48 million to support their action plan. Sylvan Lake was one of six towns in the province to receive funding under the HAF.
According to the release, Sylvan Lake’s plan will help seven initiatives “that enable a variety of housing forms and densities.”
It will help the town rezone for high-density residential, commercial and mixed-use development, including areas of downtown, while also unlocking secondary suites. It will also incentivize the public, private, and non-profit sectors to increase the community’s housing supply.
“I am thrilled that our community has been awarded this support from the Government of Canada through the Housing Accelerator Fund. This significant investment will revolutionize the landscape of housing in Sylvan Lake, not only for the duration of the program but for generations to come,” said Sylvan Lake Mayor Megan Hanson.
“With this incredible support, we can streamline application processes, offer incentives for the development of diverse housing products, and extend assistance to both non-profit and private sector developers in constructing new affordable units.
“At the heart of all of this is our unwavering belief that everyone deserves a place to call home. This grant will allow us to fulfill this fundamental right for more Sylvan Lakers in the years ahead. Together, we are building a future where secure housing is within reach for all members of our community.”
The six communities (Banff, Sylvan Lake, Bow Island, Westlock and Smoky Lake) have reached agreements to fast-track a combined total of over 400 homes over the next three years. According to the Federal Government, this work will help spur the construction of more than 3,100 homes over the next decade.
These agreements under the HAF will provide a combined total of over $13.8 million to eliminate barriers to building the housing.
“By working with cities, towns, municipalities, mayors, and all levels of government, we are helping to get more homes built for Canadians at prices they can afford,” said Sean Fraser, Minister of Housing, Infrastructure and Communities
Launched in March 2023, the Housing Accelerator Fund (HAF) is a $4 billion initiative from the Government of Canada that will run until 2026 – 27.
As of September 30, 2023, the Government of Canada has committed over $38.89 billion to support the creation of almost 152,000 units and the repair of over 241,000 units.
These measures prioritize those in greatest need, including seniors, Indigenous Peoples, people experiencing or at risk of homelessness, and women and children fleeing violence.