Woodstock to Receive Building Faster Fund Investment

Woodstock – The City of Woodstock is thrilled to announce that Woodstock will receive nearly $2 million through Ontario’s Building Faster Fund (BFF) for exceeding its annual housing target in 2023. This funding will help address the housing crisis by supporting the development of new housing options.

“This is incredible news for our community,” said Mayor Jerry Acchione. “We know people everywhere are struggling and this significant investment in Woodstock will help us remove some of the barriers locally to ensure residents have safe, affordable housing that meets their family’s needs.”

Use of the BFF funding is guided by strict criteria and the City must submit an Investment Plan to the province for approval. Eligible investments include housing-enabling core infrastructure (e.g. roads, sewers etc.), the creation of new attainable or affordable housing and capital costs related to the development of homelessness services centres.

The 2023 housing target for Woodstock was 403 units. Through ongoing collaboration with the Ministry of Municipal Affairs and Housing and Canadian Mortgage and Housing Corporation (CMHC), the revised number of actual housing starts recorded in 2023 was 475. This reflects an achievement of 118 per cent of the City’s target and resulted in a $1,990,736 investment for the 2024 BFF program year.

“This funding is great news for Woodstock. It shows the city is doing its part to help address the housing shortage,” said Ernie Hardeman, MPP for Oxford. “By providing additional financial support to our municipal partners our government is helping them to pay for housing-enabling infrastructure and other related costs that support community growth.”

In December 2023, the City of Woodstock submitted its housing pledge to the province outlining its commitment to working with the province and other stakeholders to address the housing crisis and increase opportunities for safe, affordable and appropriate housing for Woodstock residents.

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