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Housing Accelerator Fund money now available in Thunder Bay

Program will provide up to $20.7 million to help spur housing unit construction in Thunder Bay over the next three years.

THUNDER BAY — The City of Thunder Bay says grants through its $20.7-million Housing Accelerator Fund are now available.

The goal of the fund is to help support the construction of 600 housing units in the community over the next three years, allowing Thunder Bay to hit a total of 1,691 new permitted homes by February 2027.

Under the affordable rental housing funding program, grants will allow not-for-profit corporations to support up to 38 new, affordable rental units and new, affordable housing for low- and moderate-income households. The money is intended to help offset some of the capital costs to construct affordable units and market units in Thunder Bay.

The deadline to apply is July 21.

The Construction Assistance Grant Program is described as a standalone grant stream that can provide funding for eligible projects in the city’s three strategic core areas – the north and south cores and Westfort.

The goal is to create new residential units in the area and provide financial supports to help developers and property owners create new units.

The grants fund up to $20,000 for single-bedroom units and $30,000 for two or more bedrooms to build new residential units, up to $100,000 per property.

“These programs support the city’s housing targets and align with our strategic goal to support urban density through complete, compact, and walkable development,” said Summer Stevenson, project manager of the HAF, in a release issued on Friday.

“We want to increase our housing supply and become a community that is more affordable, diverse and climate-resilient.”

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— TBnewswatch