<\/p>\n
Niagara Construction News staff writer<\/p>\n
The City of Niagara Falls exceeded its provincially assigned housing target in 2024, leading the Niagara region and securing $2.8 million in incentive funding through Ontario\u2019s Building Faster Fund.<\/p>\n
Ontario has assigned housing targets to 50 of the province\u2019s largest and fastest-growing municipalities as part of its plan to increase housing supply by 2051. To encourage construction, the province launched the three-year, $1.2-billion Building Faster Fund, which rewards municipalities that achieve at least 80 per cent of their annual housing target, with additional funding available for those that exceed it.<\/p>\n
Niagara Falls achieved 116 per cent of its 2024 housing target, constructing 774 new housing units compared with a provincial target of 667. Within the Niagara region, Welland achieved 113.97 per cent of its target, while St. Catharines reached 85.28 per cent.<\/p>\n
Housing starts in Niagara Falls during 2024 included 55 single-detached homes, eight semi-detached units, 112 townhouses and 50 apartment units. Construction also included 111 additional dwelling units, 288 long-term care beds and 150 congregate retirement home suites.<\/p>\n
The 2024 incentive funding brings the city\u2019s total Building Faster Fund allocation to $4.5 million, including $1.7 million previously awarded for meeting its 2023 housing target.<\/p>\n
Funding from the program must be directed toward capital and infrastructure projects that support the creation of affordable and attainable housing. Eligible uses include infrastructure upgrades and public-private partnerships, such as the 4,500 Park St. development, which is expected to deliver 362 new homes, including approximately 76 designated as affordable and attainable.<\/p>\n
City officials say housing construction in Niagara Falls continues to span a range of housing types, tenures and price points, including affordable housing, rental and ownership units, and housing intended for residents at different life stages.<\/p>\n
The city is also continuing efforts to reduce barriers to housing development by streamlining approvals and cutting red tape. Ongoing initiatives include AI-supported planning processes, an additional dwelling unit program, a community improvement plan incentive program and a forthcoming affordable housing community improvement plan.<\/p>\n","protected":false},"excerpt":{"rendered":"
Niagara Construction News staff writer The City of Niagara Falls exceeded its provincially assigned housing target in 2024, leading the Niagara region and securing $2.8 million in incentive funding through Ontario\u2019s Building Faster Fund. Ontario has assigned housing targets to 50 of the province\u2019s largest and fastest-growing municipalities as part of its plan to […]<\/p>\n","protected":false},"author":4,"featured_media":11172,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[28,64,41,29],"tags":[],"class_list":{"0":"post-11171","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-contracting","8":"category-featured","9":"category-local-news","10":"category-current-news"},"acf":[],"yoast_head":"\n