Surrey approved for additional $5.1M through Housing Accelerator Fund
The City of Surrey has been approved for additional funding of $5.1 million from the Canada Mortgage and Housing Corporation (CMHC) as part of the Housing Accelerator Fund (HAF). This initiative will focus on updating approved Neighbourhood Concept Plans (NCPs) to increase the supply of diverse housing options.
Surrey, B.C. – The City of Surrey has been approved for additional funding of $5.1 million from the Canada Mortgage and Housing Corporation (CMHC) as part of the Housing Accelerator Fund (HAF). This initiative will focus on updating approved Neighbourhood Concept Plans (NCPs) to increase the supply of diverse housing options. The new funds will generate approximately 150 additional units, focusing on missing middle housing and housing near rapid transit.
“Council has been working diligently to deliver a wide spectrum of housing, and this new funding highlights the effectiveness of Surrey’s Housing Action” said Mayor Brenda Locke. “The additional $5.1 million brings the total funding received from the Housing Accelerator Fund to $100.7 million. This investment will allow us to continue to expand our housing initiatives to foster inclusivity and accessibility for all. I would like to thank the federal government and CHMC for continued support of our efforts to increase affordable and diverse housing options as we work together to ensure a brighter future for Surrey.”
Since the introduction of Surrey’s Housing Action Plan to increase the housing supply and support affordable housing projects, a record 6,297 housing units were approved in 2024, generating a record of over $2.8 billion in construction activity. This surpasses the City’s previous record of 5,932 housing units in 2019.
Earlier this year, the Housing Action Plan was reported ahead of schedule with over 25 major process improvements. As a result of this progress, the ninth initiative has been approved by CMHC.
“The new initiative aimed at reviewing the approved NCPs will support one of the Housing Action Plan goals of delivering a range of housing in Surrey,” said Ron Gill, General Manager of Planning & Development. “Staff have been working hard on delivering the existing eight initiatives and this addition of the ninth will only reaffirm the work the team is doing.”
On Dec. 4, 2023, the City received the initial funding of $95.6 million from the Canada Mortgage and Housing Corporation for the Housing Accelerator Fund. Visit our website for progress updates on Surrey’s Housing Action Plan.