New Homes. Image credit:unsplash/Alexander Andrews
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Toronto/CMEDIA: The Canadian government has allocated $471 million of funding to accelerate Toronto’s housing system and increase housing affordability for residents.
The announcement was made in a joint statement by Prime Minister Justin Trudeau and Toronto Mayor Olivia Chow at 1555-1575 Queen St. E., a Toronto Community Housing site Dec 21
Included in these homes are net new Rent-Geared-to-Income (RGI), affordable and market rental homes located within mixed-income, mixed-use and transit-oriented communities.
“We’ve set a new goal of building 65,000 rent-controlled homes, and we’re committed to the provincial target of 285,000 homes by 2031…Everyone deserves an affordable roof over their heads, and today’s announcement helps make that a reality,” Olivia was reported saying.
The federal HAF investments will also enable the City to expand the Multi-Unit Residential Acquisition (MURA) program in supporting the not-for-profit housing sector to acquire and convert market rental properties into permanently affordable rental homes for lower- and moderate-income residents.
Supported by HAF, the implementation of the City’s HousingTO 2020-2030 Action Plan (HousingTO Action Plan) focuses on helping people exit homelessness that targets 65,000 new rent-controlled homes across the city by 2030.
In addition, this funding will contribute towards the federal government’s share of funding, estimated at $500 to $800 million annually.
“HAF represents the kind of investments and partnerships required from all orders of government to deliver more affordable housing as quickly as possible,” Gord Perks (Parkdale-High Park), Chair of the Planning and Housing Committee was reported saying.
More information about the HousingTO 2020-2030 Action Plan is available on the City’s website.
Information on the “Federal Housing Accelerator Fund – Supporting Generational Transformation of Toronto’s Housing System” report is also available on the City’s website.