Bill Detail

This enactment enacts the Building Homes Not Bureaucracy Act in order to

provide for the reallocation of $100 million from the Housing Accelerator Fund to municipalities that greatly exceed housing targets;

require that federal transit funding provided to certain cities be held in trust until high-density residential housing is substantially occupied on available land around federally funded transit projects’ stations; and

make it a condition for certain cities to receive federal infrastructure and transit funding that they not unduly restrict or delay the approval of building permits for housing.

It also amends the Canada Mortgage and Housing Corporation Act, the National Housing Act and the Excise Tax Act in order to

eliminate executive bonuses unless housing targets are met and to reduce executive compensation if applications for funding for new housing construction are not treated within an average of 60 days; and

provide a 100% GST rebate on new residential rental property for which the average rent payable is below market rate.

In addition, this enactment requires the Minister of Public Works to table a report on the inventory of federal buildings and land, to identify land suitable for housing construction and to propose a plan to sell at least 15% of any federal buildings and all land that would be appropriate for housing construction, subject to certain exceptions. Finally, it requires the Minister of Public Works to place these properties on the market within 12 months of tabling the report.