City of Toronto receives $471 million from the Government of Canada to create 11,780 new affordable homes
TORONTO – 471 million dollars from the Government of Canada to the City of Toronto to create 11,780 new homes: the funding was announced today by Prime Minister Justin Trudeau and Mayor Olivia Chow, together with Deputy Prime Minister Chrystia Freeland, and the Ministers of Housing, Sean Fraser, at a joint press conference held at 1555-1575 Queen St. E., a Toronto Community Housing site under revitalization where new affordable RGI (Rent-Geared-to-Income) housing will be created (in the pic above, from Twitter X – @MayorOliviaChow).
The $471 million in funding comes through the Housing Accelerator Fund (HAF), for which Toronto applied last summer, and will accelerate the City’s efforts to achieve a transformation of its housing system as well as increase the affordability of housing for residents.
The HAF is provided by the Government of Canada, through the Canada Mortgage and Housing Corporation (CMHC), as part of the National Housing Strategy, and aims to achieve 100,000 new cases across Canada over the next three years. These homes include new RGI homes, market-rate affordable and rental homes located within mixed-income, mixed-use and transit-oriented communities.
In addition to increasing the supply of new housing, federal HAF investments will allow the city to expand the Multi-Unit Residential Acquisition (MURA) program, which supports the nonprofit real estate industry in acquiring and converting market-rate rental properties if rented permanently accessible to low and moderate-income residents.
HAF therefore supports the implementation of Toronto’s action plan (“HousingTO 2020-2030”) which targets 65,000 new rent-controlled homes across the city by 2030, including 6,500 RGI homes and 18,000 supported homes with goal of helping the homeless get off the streets. HAF’s investments will provide Toronto with a predictable funding stream over the next three years, which is critical to unlocking projects and accelerating the delivery of new cases, particularly affordable rental cases close to public transportation. Additionally, this funding will contribute the federal government’s share of funding, estimated at $500 million to $800 million annually, to reach the city’s goal of 65,000 rent-controlled homes.
“Torontonians are grateful to the Prime Minister Trudeau and Minister Fraser for their $471 million investment in building more housing, quickly, in our city. Toronto is ready to build. 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. Housing Accelerator Fund investments are essential to addressing the housing crisis and meeting these targets. Everyone deserves an affordable roof over their heads, and today’s announcement helps make that a reality” said Mayor Olivia Chow.
“Like so many cities across Canada, Toronto needs more homes, and fast. That’s why we’re working with mayors across the country to cut red tape and change the way we build housing. Today’s announcement with Toronto will help build more homes, faster, so that every Canadian has a good place to call their own” said Prime Minister Justin Trudeau.
“Today’s announcement will help fast track 11,780 homes for Torontonians in the next three years and tens of thousands homes over the next decade. By working with cities, mayors, and all levels of government, we are helping to get more homes built for Canadians at prices they can afford” said Sean Fraser, Minister of Housing, Infrastructure and Communities.
“The Housing Accelerator Fund (HAF) supports the implementation of the City’s HousingTO Action Plan that targets 65,000 new rent-controlled homes across the city by 2030. It will allow us to effectively respond to the growing and urgent need for affordable and supportive housing for people in Toronto. HAF represents the kind of investments and partnerships required from all orders of government to deliver more affordable housing as quickly as possible”, said Gord Perks (Parkdale-High Park), Chair of the Planning and Housing Committee.
More information about the HousingTO 2020-2030 Action Plan is available on the City’s website: www.toronto.ca/housingto-2020-2030-action-plan/.
Information on the “Federal Housing Accelerator Fund – Supporting Generational Transformation of Toronto’s Housing System” report is also available on the City’s website: https://secure.toronto.ca/council/agenda-item.do?item=2023.MM13.27.