Mississauga Seeks $2.2 Billion in Funding to Boost Housing Development

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The City of Mississauga has initiated an application for $2.2 billion in funding aimed at facilitating the construction of new housing units through five significant projects under the Development Charges Reduction Program.

The City of Mississauga, Ontario, has announced its intention to apply for $2.2 billion in funding to support various projects designed to unlock thousands of new housing units. This funding application is part of the new Development Charges Reduction Program (DCRP), which aims to enhance housing supply across the province. Mississauga is recognized as one of the pioneering cities in Ontario to implement a reduction in development charges, a strategic move that positions the city favorably for potential funding under the DCRP. As detailed in a recent release, the city has the opportunity to lower development charges by as much as 100 percent, significantly bolstering its application. The DCRP represents an $8.8 billion collaborative initiative between federal and provincial governments, targeting municipalities that can demonstrate a reduction in development charges by at least 30 to 50 percent. Mississauga has identified five key projects to submit for consideration under this funding program. The first project is a Transit Maintenance and Storage Facility, which carries a budget of $650 million. This facility is designed to support MiWay's transition to a zero-emission bus fleet, expanding capacity and enhancing transit services. Additionally, it is expected to facilitate the development of approximately 9,900 new housing units by the year 2036. The second project is the Downtown Transit Mobility Hub, with a budget of $500 million. This hub is intended to increase capacity at the City Centre Transit Terminal and prepare the transit network for anticipated growth in light rail transit (LRT) ridership. Similar to the first project, this initiative is projected to enable around 9,900 new housing units by 2036. The city is also proposing investments of $175 million each into two library and community center projects, which will be net-zero facilities located in Mississauga Valley and Cooksville. Furthermore, a budget of $175 million is allocated for housing-enabling road infrastructure, which will involve upgrades across essential corridors, unlocking development lands and supporting approximately 9,000 new housing units over the next decade. Lastly, the Downtown Music and Convention Centre, also valued at $500 million, is expected to facilitate the construction of up to 14,000 new housing units in the same timeframe. Should the funding be approved, it could potentially cover up to 90 percent of eligible project costs, according to the release.

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