The federal government has announced details of the $203.3 million Rapid Housing Initiative allocation for Toronto. As part of its Investment Plan for the Major Cities Stream, Toronto will be undertaking seven projects to create approximately 540 new affordable homes.
According to the Canada Mortgage and Housing Corporation (CMHC), these new homes will be prioritized for people experiencing homelessness and the City has committed to allocate 20 per cent of the homes to Indigenous communities and an additional 20 per cent to women and girls. Other units will support seniors, youth and racialized communities.
“Our Government is taking all the necessary steps to ensure that every Canadian has a safe and affordable place to call home. 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 The Honourable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation.
With the $1 billion RHI, the Government of Canada will support the construction of up to 3,000 permanent, new affordable housing units across Canada to help address urgent housing needs for Canadians, especially our most vulnerable.
Delivered by CMHC, under the National Housing Strategy (NHS), RHI provides the necessary capital contributions to develop new, permanent affordable housing by covering costs associated with modular multi-unit rental construction; conversion of non-residential to affordable multi-residential; and, rehabilitation of buildings in disrepair and/or abandoned to affordable multi-residential.