The City of Ottawa is applying for federal funding in a bid to respond to rising demand for affordable housing.
A memo city staff sent to councillors last week shows the municipality is looking to qualify for support from a $4-billion fund.
Cities across the country can qualify for money from the Canadian Mortgage and Housing Corporation’s housing accelerator fund based on their building permits between September 2023 and September 2026.
Between $20,000 and $54,000 will be allocated for the construction of each newly approved unit, an amount that varies based on affordability, proximity to public transportation and building functionality.
City spokesman Sebastien Tremblay says the application is still being developed, but the city expects to reach a funding agreement in July that would see an initial 25 per cent instalment paid in September, pending approval by council.
Funding from the program, which was first announced in April 2022, is expected to be doled out in four equal annual instalments and spent over a four-year period.