Tens of millions in housing funding ‘paused’ with citywide rezoning repeal: Email
AI Article Summary
Approximately $129 million in federal housing funding is on hold in Calgary due to uncertainties surrounding the city's rezoning bylaw. The pause in funding was communicated through an internal email from Stuart Dalgleish following an administrative meeting with Canada Mortgage and Housing Corporation (CMHC). Clarification on the rezoning bylaw's future is required before the funds can be released. This development has significant implications for Calgary's housing projects.
What This Means for Canadian Contractors
This project shows how key regulatory uncertainties can impact funding availability for housing projects. For Canadian builders, this means potential delays in project timelines and budgets as they await clarification on zoning bylaws. Such pauses could affect cash flow and project planning, leading to increased costs as timelines extend.
