TORONTO, June 27, 2019 /CNW/ - Hard working middle-class families in Toronto deserve a safe and affordable place to call home where they can thrive and spend more time with their children.
Today, Adam Vaughan, Member of Parliament for Spadina–Fort York and Parliamentary Secretary to the Minister of Families, Children and Social Development, on behalf of the Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development and the Minister responsible for Canada Mortgage and Housing Corporation (CMHC), announced the construction and funding of 761 new rental housing units in Toronto that will allow more middle-class families to have a place to call home.
Through CMHC's Rental Construction Financing initiative (RCFi), the federal government is investing $357 million for the construction of three towers that will include a total of 761 units of which 229 are affordable units, 532 market units, and 4,371 square feet of non-residential space.
This project, located on Block 8 of the West Don Lands in downtown Toronto, will provide affordable housing options close to public transit, schools and services for middle-income families.
"Through the National Housing Strategy, more middle-class Canadians - and those working hard to join it - will find safe, accessible and affordable homes in communities where their families can thrive and children learn and grow. This investment is wonderful news for the Toronto middle-income families that will move into these new rental housing units. Our Government is committed to increasing the supply of rental units for Canadians through projects like the one we are announcing today." – Adam Vaughan, Parliamentary Secretary to the Minister of Families, Children and Social Development
"Our government is contributing $117 million of provincial land value to support the creation of much needed rental and affordable housing to Toronto's downtown core. We take pride in working with a variety of partners to increase the amount of housing available to the people of Ontario and through this contribution, individuals and families will have access to affordable housing." – Christine Hogarth, Member of Provincial Parliament, Etobicoke–Lakeshore
"Today's announcement is another example of a great partnership between the City of Toronto and the federal government. This investment will positively impact the lives of many residents in our city and ensure that more families have access to affordable and quality housing here in Toronto." – John Tory, Mayor of Toronto
"We are pleased to celebrate this important financing milestone on Block 8, the first phase of a large-scale purpose-built rental project in the West Don Lands that will include 30% affordable rental units. This project has been made possible in part through the concerted efforts of all three levels of government - federal, provincial and municipal, and will ultimately provide much needed rental homes that are well located close to transit and employment nodes, safe, accessible, affordable to middle-class families, and energy efficient in the heart of Toronto's downtown east end. Dream, Kilmer, and Tricon are excited to be developing this complete community, remain committed in the development of more affordable rental units in the area, and are pleased to participate in the Federal government's initiative through CMHC's RCFi program, a National Housing Strategy initiative." – Dream Unlimited Corp., Dream Hard Asset Alternatives Trust, Kilmer Van Nostrand Co. Limited, and Tricon Capital Group Inc.
- The project's 229 affordable units will have rents ranging from average market rent (AMR) for the City of Toronto to 40% of AMR throughout all bedroom types including three-bedroom and four-bedroom units. The three and four-bedroom units will account for 45 of the 229 affordable units. All 229 affordable units will be dispersed throughout the three buildings.
- The project is designed to achieve a reduction of 17.6% in annual energy use and 19.1% in annual greenhouse gas emissions compared to the National Energy Code of Canada for Buildings (NECB) 2015 reference building.
- 30% of the units will be either fully accessible or adaptable.
- The Government of Canada is currently rolling out its National Housing Strategy (NHS), an ambitious 10-year, $55 billion plan that will create 100,000 new housing units and lift 530,000 families out of housing need, as well as repair and renew more than 300,000 housing units and reduce chronic homelessness by 50 percent.
- The RCFi, a National Housing Strategy initiative delivered by CMHC, supports affordable rental housing construction projects to encourage a stable supply of affordable rental housing for middle-class families struggling in expensive housing markets across the country.
- Launched in April 2017, the RCFi has generated a lot of interest and a high number of quality applications. This is why, through Budget 2018, the Government increased the amount for low-cost loans provided by this initiative from $2.5 billion to $3.75 billion and further increased to $13.75 billion with budget 2019. In total, the RCFi will encourage the construction of 42,500 new rental housing units across Canada.
- Low-cost loans are available to borrowers who want to build affordable rental housing in Canada in response to demonstrated community need.
- The rental market is an important housing option for approximately 30% of Canadians.
- The average rental market vacancy rate in downtown Toronto is at 1.1%.
- Under the Investing in Canada plan, the Government of Canada is investing more than $180 billion over 12 years in public transit projects, green infrastructure, social infrastructure, trade and transportation routes, and Canada's rural and northern communities.
- 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. CMHC's aim is that by 2030, everyone in Canada has a home they can afford, and that meets their needs. For more information, please visit cmhc.ca or follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.
- For more information about the Rental Construction Financing initiative or to apply, please visit www.cmhc-nhs.ca.
- To find out more about the National Housing Strategy, visit www.placetocallhome.ca.
SOURCE Canada Mortgage and Housing Corporation
For further information: Valérie Glazer, Press Secretary, Office of the Minister of Families, Children and Social Development, 613-220-1841, [email protected]; Angelina Ritacco, CMHC Media Relations, 416-218-3320, [email protected]