Minister of Agriculture, Food and Rural Affairs Lisa Thompson has initiated consultations for a new Rural Economic Development Strategy.
The announcement was made as part of provincial government investments into rural communities at the annual Rural Ontario Municipal Association (ROMA) conference, where Premier Doug Ford outlined measures aimed at fortifying rural communities via fostering housing development and enhancing assess to local services.
Thompson says there are two streams for the funding.
"The first one is strategic economic infrastructure stream, which provides up to 30% in cost-share funding for minor capital projects, while the second stream, Economic Diversification and Competitiveness, and it provides up to 50% in cost-share funds for projects that remove barriers to business, advance job growth, and attract investment," she said.
Thompson says municipalities, Indigenous communities, and non-profit groups have until February 21, 2024, to apply for cost-share funding supporting projects driving economic growth.
At ROMA, Premier Ford disclosed key details about expanding the $1.2 billion Building Faster Fund (BFF) to smaller, rural, and northern municipalities without assigned housing targets. A significant portion, 10 per cent, amounting to $120 million, will be allocated to these regions specifically for constructing housing-enabling infrastructure. The province plans to employ an application-based process, prioritizing projects with swift implementation, in consultation with rural municipalities to ensure tailored effectiveness.
