Partnership to Build Funding to Support Housing & Reduce Development Charges
Today, the City of Toronto, Province of Ontario and Government of Canada announced that Toronto is receiving up to $1.5 billion in recognition of the City’s commitment to reduce development charges by 40 to 60 per cent for more than three years.
The funding is part of the Development Charge Reduction Program, announced by the federal and provincial governments on March 30, to help municipalities reduce development charges while continuing to invest in the infrastructure required to support growth.
The City worked with the province to identify eligible housing-enabling infrastructure projects and successfully secured $1.5 billion in funding over 10 years. The funding will support projects already approved through the City’s 10-Year Capital Plan, including investments in transit capacity, water and wastewater infrastructure and road network expansion.
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