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Housing Accelerator Fund

Funding to improve housing availability, diversity, and infrastructure now and into the future.

In December 2024, the Town of Faro received $684,000 from the Government of Canada's Housing Accelerator Fund to improve housing supply in our community.

This program directly supports the goals of the 2024 Faro Official Community Plan for housing and the economy.

Housing:

  • Managing Impacts of Population Growth

  • Increasing Long-Term Housing Affordability & Diversity for Residents

  • Planning for the Future Development & Population of Faro

Economy & Employment:

  • Promoting Mixed-Use Developments to Increase Housing and Business Options

HAF funding is provided directly to municipal governments from the Canadian Mortgage and Housing Corporation. This award comes from the second round of the Housing Accelerator Fund (HAF), announced in July 2024.

To receive this funding, Faro proposed six initiatives to address the gap in missing middle housing.

Learn more about our initiatives below:

The Town of Faro is responsible for developing and servicing all municipal infrastructure in the community. We hope to partner with the business community to provide some of these services. To facilitate this, we will develop a municipal servicing standards guide to support interested developers in understanding the requirements and costs of replacing or building new municipal infrastructure.

As part of this project, we will conduct a climate-resiliency evaluation on our infrastructure and negotiate infrastructure upgrades to offset development cost charges for developers.

Tasks:

a) Create a servicing standards manual for municipal infrastructure

b) Create a policy to allow for private development of municipal infrastructure

c) Amend appropriate bylaws to allow for the offsetting of municipal Development cost charges for developing infrastructure

d) Amend fees based on infrastructure cost recommendations via servicing standards manual

Expected initiative completion: January 2026

Following the development of the 2024 Faro Official Community Plan, we will amend our Zoning Bylaw to reflect the desire for more housing, increased density, and more commercial opportunities. HAF supports this initiative by promoting gentle density through changes to our Zoning Bylaw. The Zoning Bylaw will also support our housing goals by easing restrictions related to construction and availability of land for housing.

Tasks:

a) Create appropriate zoning to allow for greater flexibility in more areas

b) Increase commercial opportunities for the community

c) Ensure the best use of already serviced and zoned land

d) Solicit community feedback on proposed changes through a public hearing

Project status: A first round of revisions are underway, with council discussions and public forum to follow. If you are interested in learning more about this initiative, contact the program administrator at housing@faro.ca.

Expected initiative completion date: October 2025.

In Faro, new housing can be delayed due to a lack of development-ready land and challenges accessing funding for developments. Through this initiative, we will address both challenges by making use of existing residential properties within our community and providing direct funding to property owners to build.

Tasks:

  1. Develop a grant program that will provide private property owners with access to grants to develop housing on property they own or are in the process of purchasing.

  2. Promote the grant program to Faro residents, ensuring fair access to local property owners who are interested in applying.

Further details:

Funding can be used to build single-family homes, suites, and multi-family units. $30,000 is available per new dwelling, up to a maximum of $60,000 per applicant for multi-family housing.

Applications for the grant program will open in August 2025. Watch this page and Facebook for more updates. You can also sign up to receive a notification of the program opening by emailing housing@faro.ca

You are eligible to apply for this program if you meet the following criteria:

  1. Your property is located within the municipal boundary of the Town of Faro.

  2. Applicants own the property on which the dwelling is to be constructed; or,

  3. You have an Agreement for Sale with the Yukon Government for a vacant lot.

  4. The property and proposed development(s) comply with the Town’s Official Community Plan, Zoning Bylaw, and the National Building Code.

  5. Property taxes for the property are paid, and the property is in good standing.

If you have questions about this initiative, contact housing@faro.ca

Project status: In progress

Expected close date: September 2025

Expected initiative completion date: December 2027

Our community is no stranger to the concept of underutilized housing. While we know we are lacking adequate housing for our growing community, there are also many homes that sit vacant in Faro. Other spaces are being partially or minimally used, but could also be renovated to create housing in unexpected places, like an apartment above a shop or a caretaker unit on an industrial lot. The goal of this initiative is to provide funding and support to convert these vacant or underutilized buildings into homes.

Tasks:

  1. Develop a grant program that will provide private property owners with access to grants to develop housing on their underutilized or vacant property.

  2. Promote the grant program to Faro residents, ensuring fair access to local property owners who are interested in applying.

Further details:

  • Funding will be available to rehabilitate vacant housing units on residential land. Funding will also be available to add housing units on commercial or industrial land, where appropriate and in line with the Faro Zoning Bylaw.

  • Watch this page and Facebook for updates about when this program will open, and for details on how to apply. You can also sign up to receive a notification of the program opening by emailing housing@faro.ca

Project Status: In progress

Expected initiative completion date: September 2026

The Town of Faro is one of the largest property owners in our community. In late 2016, the municipal government took over all the abandoned properties from the Faro Real Estate company. We successfully sold many of the homes that were abandoned, and many have been renovated and have become homes. Others are more challenging properties to revive, due to their age, damage, or type of units. The Town will be using HAF funds to convert these properties to land for housing development.

Tasks:

a) Develop a scope of work for the disposition and redevelopment of municipally owned properties.

b) Liaise with the Yukon government to collaborate on the redevelopment of Yukon government-owned properties.

Project Status: In progress

Expected initiative completion date: January 2026

As part of our agreement with the Government of Canada to receive HAF funding, Faro will develop a Housing Needs Assessment. The Housing Needs Assessment helps us ensure that HAF funding is addressing the specific housing challenges that our community is facing.

Tasks:

  1. Develop a scope of work for the research and development of a Housing Needs Assessment

  2. Liaise with the Yukon Housing Corporation to understand resources and tools available to create a Housing needs assessment

Project Status: In progress

Expected initiative completion date: January 2026