Implementation of a municipal fund is reportedly being asked by Peel Region to compensate the Region and its local municipalities for the impacts of the More Homes Built Faster Act, 2022, (Bill 23) on municipal growth funding revenues and expenditures.
This implementation and several other recommendations presented in Bill 23 including “More Homes Built Faster Act” for the Region of Peel report have been endorsed by the Peel Regional Council.
Changes to the Development Charges Act, 1997, as realized through the Province’s Bill 23, will further constrain Peel Region’s ability to collect development charges (DCs) to pay for growth.
DCs are a critical source of funding for growth infrastructure, including:
• Pipes to bring safe drinking water to residents and businesses
• Roads in new communities to allow people and goods to move from place to place
• Affordable housing for Peel’s most vulnerable populations
• New paramedic facilities to meet the increase in call volumes
Without provincial funding to cover anticipated DC reductions, Peel Region will face significant financial challenges including:
• Delaying the construction of infrastructure needed for land servicing and housing development
• Not being able to fund debt that was required to fund future growth with the expectation DCs would repay that debt
• Forcing either significant increases to property taxes and utility rates or reducing service levels
Bot Housing implications and Planning implications would be severely affected as Bill 23 will not make housing more affordable and, in fact, will make it more difficult for Peel Region to respond to the ongoing housing affordability crisis. The changes in Bill 23 will also remove planning authority from Peel Region, change Conservation Authority roles and limit appeal rights to Ontario Land Tribunal.
These radical changes without consultation would reportedly bring significant loss to the community.
#PeelRegion; #Ontario; #Bill23
