The Village of Radium Hot Springs will receive a grant from the Housing Accelerator Fund of up to $613,000 to help the community create more homes.
This grant comes from the Canada Mortgage and Housing Corporation (CMHC) with the goal of helping communities like Radium meet their housing goals and ease some pressure off the real estate market.
“We’re very fortunate in Radium, partly because of our aggressive timelines and exciting projects, to be selected as one of the recipients,” said Mayor Mike Gray.
“It’s going to support the strategic priorities we’ve set in council to support new housing in our community.”
The Village will spend the coming months working on the deliverables outlined in its application, which were created with support from the Columbia Valley Housing Society.
Their goals include supporting regional partnerships to alleviate the housing shortage, incentives for affordable housing, infrastructure planning to support development, support for more density and streamlining rezoning applications.
“We have a lot of different options in front of us right now,” said Gray.
“We’re assessing those and once we have them fully confirmed, we’ll be excited to announce them sometime in the future.”
The money can be divided into payments for up to four years to support ongoing housing goals.
“The Housing Accelerator Fund asks for innovative action plans from local governments, and once approved, provides upfront federal funding to ensure the timely building of new homes as well as additional federal funds upon delivering results,” said the CMHC.
“Local governments are encouraged to be bold in their approaches.”
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