The sum will fund the construction of more than 500 permanent low-cost homes in the city
The federal government and the Canada Mortgage and Housing Corporation have announced a $203.3 million tranche for the Rapid Housing Initiative in Toronto, aimed at creating 540 low-cost homes in the city.
The funding will be for seven projects in Toronto, 20% of which will be allocated for Indigenous communities and another 20% for vulnerable women. The other units will be dedicated to seniors, youth, and racialized communities.
“Our investments with our municipal partners like the City of Toronto will go a long way to effectively support those who need it most by quickly providing new affordable housing units to vulnerable individuals and families,” said Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for CMHC.
“The pandemic has highlighted that access to a safe, secure and affordable home is essential to a person’s health and well-being, and the overall well-being of our society,” added Ana Bailão, deputy mayor of Toronto. “The need for more affordable housing in our community has never been greater… This funding will make a tangible difference and will support us in accelerating HousingTO, our 10-year housing action plan.”
As part of the National Housing Strategy, the RHI represents a “human rights-based approach” to the perennial issue of housing supply and affordability, with a particular focus on those experiencing or at risk of homelessness and those belonging to the most vulnerable sectors.
Through the initiative, the government is slated to support the construction of up to 3,000 permanent, new affordable housing units nationwide.
