Woodstock exceeds housing targets for 2023, receives $2 million from province

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Woodstock has almost $2 million in funding on the way through Ontario’s Building Faster Fund – that’s because the city exceeded its annual housing target in 2023.

That will help support the development of more housing, “This is incredible news for our community,” said Mayor Jerry Acchione. “We know people everywhere are struggling and this significant investment in Woodstock will help us remove some of the barriers locally to ensure residents have safe, affordable housing that meets their family’s needs.”

The funds are distributed after the city submits an investment plan for approval – eligible expenses for the funding include core infrastructure like roads and sweres, as well as the development of new attainable or affordable housing, and the development of homelessness supports.

The housing target set for the city was 403 units, and the city managed to secure 475 – 118 per cent of the target.

“This funding is great news for Woodstock. It shows the city is doing its part to help address the housing shortage,” said Ernie Hardeman, MPP for Oxford. “By providing additional financial support to our municipal partners our government is helping them to pay for housing-enabling infrastructure and other related costs that support community growth.”

Woodstock will be receiving $1,990,736 from the province.