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By Liam Verster

Housing Accelerator Fund

Vernon applying for housing accelerator program

Aug 16, 2024 | 7:00 AM

The City of Vernon is looking for financial aid to get more housing built.

Council tasked staff with applying to the Canadian Mortgage and Housing Corporations’ Housing Accelerator Fund at the regular meeting Monday, August 12.

The fund provides money to municipalities with the intent of removing barriers and boosting housing supply.

The first round of funding through the program provided $4-billion to local governments across Canada to help grow the housing supply. Vernon applied for the program in 2023 but was unsuccessful in its bid.

The second round, which the city will apply for, includes an additional $400-million for applicants who were not approved in 2023.

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A report to council stated staff would review the evaluation criteria and strategize its approach so it would be more likely to succeed in its bid this year.

Applications are due by September 13.

Staff were also directed to report back to council to provide updates as the situation develops.