Ontario City to Receive Nearly $40M for Cutting Development Fees on New Homes

Peterborough, Ont., is set to receive nearly $40 million in federal and provincial funding to help build housing and improve infrastructure, while lowering the cost of new home construction. The city is slated to receive $39.9 million through the Development Charge Reduction Program (DCRP), an $8.8 billion funding initiative that rewards municipalities that agree to lower development charges for residential developments over a three-year period, Premier Doug Ford announced during a Nov. 9 press conference in the city. Development fees are used by municipalities to finance infrastructure such as roads, sewers, and water systems. But these fees have increased the expenses associated with home construction in recent years, leading the province and Ottawa to announce the program this spring.