Thunder Bay City Council - Acadia Broadcasting File
Thunder Bay’s initial Housing Accelerator Fund grant programs are now accepting applications.
In February, the city received federal approval to receive up to $20.7 million in funding from the Housing Accelerator Fund to support the development of over 600 new housing units over the next three years, to reach a total of 1,691 new homes by 2027.
The city is releasing grant programs with the funding to create financial incentives to help get a range of housing options with different affordability levels built.
“These programs support the City’s housing targets and align with our strategic goal to support urban density through complete, compact, and walkable development,” said Project Manager of the HAF, Summer Stevenson. “We want to increase our housing supply and become a community that is more affordable, diverse and climate-resilient.”
The first grant is the Affordable Rental Housing Funding Program.
This program will provide funding to not-for-profits to support up to 38 new, affordable rental units.
The funding is aimed at assisting with constructing new, affordable residential rental housing for low- and moderate-income households. The funding is designed to help offset some of the capital costs of constructing affordable units.
Applications for the ARHF program will remain open until July 21.
The second grant is the Construction Assistance Grant Program.
This grant is for eligible projects within the city’s Strategic Core Areas (North Core, South Core and Westfort project areas). The grant aims to stimulate the development of new residential units in these areas.
Grants are available based on unit size, with a cap of $20,000 per unit for a single-bedroom unit and up to $30,000 per unit for two or more bedrooms. There is a $100,000 per property maximum for the cost to construct new residential units.
Residents can use this grant alongside other Strategic Core Area grants.
The program is first come, first serve and will close when funding runs out.
For more information about the grants, and to apply click here.
