Government of Canada Funds New Rentals and Repairs in York South-Weston
TORONTO, July 9, 2021 /CNW/ - Every Canadian deserves a safe and affordable place to call home. Thanks to investments made by the Government of Canada, residents of York South–Weston will now have access to more stable rental housing options.
Today, the Honourable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC), alongside John Tory, the Mayor of Toronto, Ana Bailão, the Deputy Mayor of Toronto, and Frances Nunziata, City Councillor for York South–Weston, announced a $35 million low-cost loan to help construct 126 new rental units as part of a 15-storey development located at 2346 Weston Road, in North York.
The project is located just south of Highway 401, with close proximity to TTC bus service, the Weston Go Station, and the Union Pearson (UP) Express, which provides all day service between Toronto Pearson International Airport and downtown Toronto. The area is surrounded by greenspace that includes a number of parks, as well as a large shopping area within a 500-meter walk.
The Government of Canada is also providing over $514,000 to an elevator repair and modernization project located at 33 Gabian Way. Serving approximately 248 units, including seniors and those living with disabilities, these repairs are an essential quality of life improvement for this building.
2346 Weston Road received funding through CMHC's Rental Construction Financing initiative (RCFi), a National Housing Strategy program that supports rental housing construction projects to encourage a stable supply of rental housing for middle-class families in expensive housing markets. The project also received funding support from the City of Toronto's Open Door Affordable Housing Program.
33 Gabian Way received funding through CMHC's National Housing Co-Investment Fund (NHCF), which supports new and revitalization construction of mixed-income, mixed-tenure, and mixed-use affordable housing. The NHCF is a key pillar of the Government of Canada's National Housing Strategy (NHS).
Quotes:
"Every Canadian deserves a safe and affordable place to call home. That's why, through new investments like the ones we have made in 2346 Weston Road and 33 Gabian Way, our government is taking action to not only increase the supply of new rental developments and to repair existing units, but to also provide housing options that are closer to jobs, services and amenities that middle-class families in Toronto need." – The Honourable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC)
"The success of this project demonstrates what can be achieved when we come together to address housing in our city. Housing is vitally important, but we can't do it alone. Which is why the HousingTO Action Plan commits to implementation through partnerships and collaboration – exactly what we see here with the Government of Canada, 2346weston.com and the City of Toronto, coming together to create new affordable housing geared to seniors. I want to thank the federal government for investing in Toronto and for helping us build over 100 new affordable rental apartments in Toronto." – Mayor John Tory
"Over the coming years, the city will experience an unprecedented growth in the number of seniors which is why it is so critical we move forward now on our commitment to meet the diverse housing needs of seniors and ensure that Toronto is a place where everyone can live in safe and affordable housing." – Deputy Mayor Ana Bailão, (Davenport), Planning and Housing Committee Chair
"Seniors are an important part of our vibrant community. I am thrilled to have been able to work in partnership with 2346 Weston Road Inc. and staff at the City of Toronto to bring this project to fruition. Once built, this building will offer affordable accommodations and ensure that seniors in our community have a safe and welcoming home." – Councillor Frances Nunziata (York South-Weston), Council Speaker
"The COVID-19 Pandemic has shown us just how important housing is for the most vulnerable in our societies. With the support of a low cost loan from CMHC and funding support from the City of Toronto's Open Door Affordable Housing Program, 2346Weston.com Inc. has begun the construction of Carrying Place Vista, aimed to provide the Weston community with 126 affordable units targeted for older adults." – Tom Milroy, President of TOSA Investments Limited
"We are very grateful for programs such as the NHCF that allow us to make necessary improvements to our buildings using forgivable and low-interest loans. The improvements we are able to make using these funds are very impactful to the daily lives of our valued tenants." – Behnaz Karimi, Senior Property Manager of Project Esperance/Project Hope Corporation.
Quick facts:
- 2346 Weston Road received CMHC Seed Funding of $250,000. The Seed Funding program supports affordable housing through interest-free loans and/or non-repayable contributions.
- Through the RCFi, the Government of Canada is encouraging the construction of more than 71,000 new rental housing units.
- A stable supply of rental housing is critical to ensure that more Canadians have access to housing that meet their need and that they can afford. This is a great option for middle class Canadians who are experiencing affordability pressure in many markets with high home prices and lack of rental supply.
- Launched in April 2017, the RCFi has generated significant interest in the industry, which has led to an expansion of the program. Through Budget 2019, the Government of Canada increased the total amount available in loans to $13.75 billion.
- Given the high demand for the program, the Government again expanded the RCFi in the 2020 Fall Economic Statement by adding an additional $12 billion over 7 years, starting in 2021-22. The program now totals $25.75 billion in low-cost loans.
- With a budget of $13.2 billion, the NHCF gives priority to projects that help people who need it most, including women and children fleeing family violence, seniors, Indigenous people, people with disabilities, those with mental health or addiction issues, veterans and young adults.
- Through the NHCF, the Government of Canada will work with partners to build up to 60,000 new affordable homes and repair up to 240,000 existing affordable and community homes.
- Under the NHCF, investments are also planned to create or repair at least 4,000 shelter spaces for victims of family violence, as well as create at least 7,000 new affordable housing units for seniors and 2,400 new affordable housing units for people with developmental disabilities.
- Canada's National Housing Strategy (NHS) is a 10-year, $72+ billion plan that will give more Canadians a place to call home.
- To help Canadians find affordable housing, Budget 2021 proposes to provide an additional $2.5 billion over seven years in new funding and a reallocation of $1.3 billion in previously announced funding to speed up the construction, repair, and support over 35,000 additional housing units.
Associated links:
- As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry. For more information, please visit cmhc.ca or follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.
- To find out more about the National Housing Strategy, visit www.placetocallhome.ca.
SOURCE Canada Mortgage and Housing Corporation
Media contacts: Mikaela Harrison, Press Secretary, Office of the Minister of Families, Children and Social Development, [email protected]; Audrey-Anne Coulombe, Canada Mortgage and Housing Corporation, Media Relations, [email protected]
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