The City of Surrey aims to increase the number of housing units it delivers by December 2026 by nearly 28 per cent – roughly 4,283 dwellings per year – according to a corporate report coming before council tonight to update on the City’s Housing Accelerator Fund (“HAF”) application.
The Canada Mortgage and Housing Corporation (“CMHC”) launched the “HAF” on March 17, 2023. It’s a $4 billion fund designed to help cities remove barriers to their housing supply, to accelerate growth, and to support community development over the next three years. On June 13, 2023, Surrey submitted its application, a $95.6 million grant was approved on Dec. 4 and the program got underway on Jan. 10.
The report states the $95.6 million will be received in four equal payments with a 25 per cent initial payment, then 50 per cent “based on annual progress report to CMHC on the implementation of the Action Plan” and the remaining 25 per cent contingent on meeting the housing growth targets.
“Surrey’s Action Plan allows for faster development of higher density, multi‐unit housing projects.
Initiatives include policy changes to expedite development of below‐market housing, expanding
the use of professional reliance for faster approvals, expanding the guaranteed permitting
timelines program, and leveraging artificial intelligence (“AI”) to facilitate faster development and
permit approvals,” it reads.
The City will have until September 2027 to spend the funds.
Meantime, a Rapid Transit Development Incentives Program aims to advance projects at third reading which are within 1.5 kilometres of SkyTrain stations or RapidBus along the 104 Avenue corridor in the Guildford Town Centre – 104 Avenue Plan Area – King George Boulevard to Newton Town Centre, Scott Road to 72 Avenue, and 72 Avenue between Scott Road and King George Boulevard.
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