Feds promise Mississauga nearly $113M to build 3,000 new homes

Mississauga and the federal government have reached a deal that will see $112.9 million in funding to buildmore than 3,000 housing units in the city over the next three years.

The funding is being unlocked by the federal government as part of its previously announced Housing Accelerator Fund.

"Today's announcement will help build over 3,000 new homes and more than 35,200 homes over the next decade," said federal minister of small businessRechieValdez at a press conference Monday.Valdezisalso the MPforMississaugaStreetsville.

The agreement will support eight initiatives under the city'shousing action plan, including developing affordable housing and encouraging more types of housing such as fourplexes, triplexes and townhouses.

"When I say this is big and monumental, I really mean it," outgoing Mississauga Mayor Bonnie Crombiesaid at the news conference.

"Itsingle-handedly represents the largest investment any level of government has ever made in housing in Mississauga."

Crombie says the city expects to approve permits for more than 13,000 new homes by 2026.

"As Ontario's third largest city with a growing population approaching 1,000,000 residents in the next 30 years, we can't afford not to act quickly to address the growing housing crisis," she said.

Outgoing mayor directed city to build fourplexes

Earlier this fall, councilapproved a motion to allow fourplexes to be built across the rapidly-growing city. While councillors initially voted it down, Crombie overruled the decision andused strong mayor powers to issue the directive.

The federal government has been pressuring Mississauga to densify its neighbourhoods in recent months.

The Housing Accelerator Fundis expected to fast track at least 100,000 new homes over the first three years,which cities and regions estimate will lead to the creation of over 250,000 new homes across Canada.