North Cowichan is trying again for funding from the Canada Mortgage and Housing Corporation’s Housing Accelerator Fund.
Council decided at its meeting on Sept. 4 to apply for $16.4 million in funding under Round 2 of the HAF after an unsuccessful attempt last year to receive $87 million from the fund. The lack of success was attributed to heavy competition for funding from the program from local governments across Canada.
A staff report said although the ambitious ask for HAF in 2023 was realistic, the 2024 request has been significantly reduced because there are still more than 300 eligible applicants for the Round 2 funding, and staff decided to request $16.4 million this year after comparing the amounts granted to successful applicants of similar size to North Cowichan in 2023.
The program is designed to incentivize local authorities to undertake projects that result in increased housing supply in the short term, and systemic changes that will improve housing and community outcomes and increase stability and predictability in the housing system for the long term.
Staff were notified in July that North Cowichan is eligible to reapply to the HAF as an unsuccessful previous applicant.
North Cowichan’s new application will include actions that aim to remove barriers to development in the Bell McKinnon growth centre, encourage and fast-track accessory dwelling units, support a review of the zoning bylaws, and streamline development permit requirements for middle housing, which includes multi-unit structures like townhouses, duplexes and triplexes.
Coun. Chris Istace thanked staff at the meeting on Sept. 4 for going through the application to HAF and trying to find a figure this year that was practical and reasonable, and not trying to shoot too high.
“We’re keeping our fingers crossed this year that we’re fortunate with those who make the decisions,” he said.
