THUNDER BAY — The Northern Ontario Heritage Fund Corporation is getting a new mandate and an extra $10 million a year over the next three years, as part of the province's efforts to mitigate the impact of American tariffs on the job market.
“The NOHFC’s new focus will help keep workers on the job and create more opportunities for businesses in Northern Ontario to thrive and grow in the face of U.S. tariffs,” George Pirie, minister of northern economic development and growth, is quoted saying in a media release.
“To build an economy that is stronger, more competitive and self-reliant, our government is refocusing our investment priorities,” he said.
The three-year increase of $30 million brings the NOHFC’s annual budget to a total of $110 million, according to the release.
The funding will prioritize investments that protect northern industries and jobs, reduce the impacts of trade disruptions and secure new long-term opportunities in the north, said the release. The initiatives will benefit communities of all sizes, both rural and urban, including Indigenous communities.
The NOHFC has already started supporting the local economy with grants for local construction projects that are currently being impacted by U.S. tariffs while creating and maintaining long-term jobs in Northern Ontario, said the province.
The province says the NOHFC is committed to serving as a catalyst for growth and development in northern Ontario, with a renewed focus on driving prosperity, boosting competitiveness, securing new opportunities and ensuring the region remains a leader in Ontario’s economy.
