MP Michael McLeod announced $8.4 million in funding to support affordable housing in Yellowknife Monday afternoon at Yellowknife City Hall.
The funding, through Canada’s National Housing Strategy’s Housing Accelerator Fund, will fasttrack the construction approximately 154 new homes in the city.
McLeod the federal government will work together with the city to make more meaningful changes that will counter the housing shortage.
The Housing Accelerator Fund is intended to assist the city in overcoming governmental obstacles by streamlining application procedures, establishing timelines and enhancing service delivery. It will also broaden the municipality’s community and energy initiatives to incorporate strategies dedicated to climate change mitigation and adaptation, aimed at bolstering climate resilience and affordability. Furthermore, it will transition city-owned land to private ownership to facilitate more opportunities for residential and mixed-use development.
“This new way of working comes at a time when we really need it, because business as usual will not solve the housing challenges we face today. What we need is bold action, fearless innovations and systemic changes in how we build homes,” McLeod said.
Garett Cochrane, the city’s deputy mayor, expressed his gratitude for the NWT MP’s advocacy to attain the funding for Yellowknife.
“Make no mistake, this is a big deal, and there’s no question that we have housing challenges in Yellowknife. Housing affordability, adequacy and suitability is a serious issue for many of our friends, family, and neighbours across Yellowknife,” said Cochrane.
With the $8.4 million the city has been allocated, the city will be working on more affordable housing, medium-density housing (such as townhouses) and student housing. To address the challenges, the municipality will complete a housing needs assessment, update and enhance the city’s development bylaw and streamline the development process, among other steps.
Cochrane could not confirm where the 154 new homes will be located.
Last October, Prime Minister Justin Trudeau announced an 50 affordable homes for Yellowknife. NNSL Media asked about the status of that project, which is supposed to be ready for move-in by 2025, but no construction has started yet. Cochrane said he has no further information on that initiative.