Forget the politics.

The federal government funding tap for infrastructure has opened, and municipalities are celebrating.

The Build Communities Strong Fund, announced this week by Prime Minister Mark Carney, opens a new era of infrastructure investment and opportunities for Canadian towns and cities. Good for Mr. Carney.

The $51B fund will roughly double the money in the next eight years that was invested in the previous eight years. Municipalities are lined up, arms extended, welcoming the cash.

This new commitment is a recognition of how inadequate previous federal funding has been. Municipal leaders have been warning about the shortfall for years. Finally, there is a plan and a commitment.

Much of the money will go to support the most basic of civic needs—roads, water pipes, wastewater treatment, public transportation. Other dollars will go to important community projects that help to build the quality of life that makes our cities better and more livable—parks, libraries, community centers. There is another huge pot of cash to support local housing development.

As well, our 13 provinces and territories will share $17B on a 50-50 basis with the federal government to support infrastructure and housing.

This too is important, as the traditional 1/3-1/3-1/3 formula has become too costly (and unfair) for municipalities.

When coupled with a variety of new provincial-municipal funding programs specifically to hurry development for new housing, municipalities are facing a unique challenge: how to take advantage of all these big new dollars.

Cutting the costs of development charges will be a priority so the cost of housing can be reduced—particularly for new home buyers. That will create more jobs and stimulate the local economy. It should also encourage young people, immigrant families and some renters to consider entering the housing market.

No plan is ideal. The eight-year commitment includes neither permanency nor indexing, both of which are regular requests by municipalities. But this new funding provides the most important and long-term municipal revenue plan since Paul Martin brought in the Gas Tax funding.

FCM, the various provincial associations, mayors, and councils from across our nation deserve credit for working toward this outcome. That is why we set aside politics today and simply celebrate the great things that this new revenue will do for our communities, from coast to coast to coast.