City of St. John’s Receives over $10.4 Million from Housing Accelerator Fund

The city of St. John’s is set to invest $10.4 million in programs aimed at addressing the housing crisis. According to estimates, the city currently needs between 1025 and 1335 new housing units, with this need potentially rising to 3610-5310 units by 2033.

 

Funding for these initiatives will be provided by the Housing Accelerator Fund (HAF). It is planned to allocate these funds to construct 280 housing units over the next three years and to stimulate the construction of over 4000 units over the next decade.

 

The city intends to use these funds to streamline decision-making processes and support construction through the provision of subsidies and grants. To achieve the ambitious goal of building 4100 new housing units over the next ten years, the city also plans to review its approaches to land use and prepare it for future development.

 

These funds will be used for:

 

  • Stimulating the construction of various types of housing, including apartment buildings, standalone units, micro-housing, densification of development, and providing housing subsidies.
  • Providing incentives and grants for the construction of mixed-income apartment buildings, densification of development, and the construction of additional housing units within existing properties.
  • Reviewing tax legislation to develop and implement tax incentives for priority construction projects.
  • Speeding up and simplifying the process of obtaining construction permits, including the introduction of an electronic permit system.

 

The municipality has already begun implementing initiatives with changes to regulatory frameworks for development and plans to introduce additional stimulus programs and grants next year. The implementation of electronic permits is expected to take approximately 2.5 years

 

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