TORONTO, March 14, 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.
The Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development and the Minister responsible for Canada Mortgage and Housing Corporation (CMHC), today, announced the construction and funding of 259 new rental housing units in Toronto so that more middle-class families have an affordable place to live.
Through CMHC's Rental Construction Financing initiative (RCFi), the federal government is investing $89 million for the construction of Terraces of Princess Gardens, a 16-storey building that will provide safe and affordable homes to 259 families. The majority of the units will have rents at or below 30% of median household income in the area and at least 10% of the units will be accessible.
Located in the west end of the city of Toronto, this project will provide affordable housing options close to public transit, schools and services for middle-income families. As a result, they can enjoy better social outcomes and contribute to vibrant and socially inclusive neighbourhoods.
"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, children learn and grow, and have the stability and opportunities they need to succeed. Our Government is committed to increasing the supply of rental units for Canadians through projects like the one we are announcing today." – The Honourable Jean-Yves Duclos, Minister of Children, Families and Social Development and the Minister responsible for Canada Mortgage and Housing Corporation
"This is a major win for affordable housing in Etobicoke. This $89 million federal government commitment to our community will make a significant difference in providing a home and hearth for those worried that they can't afford a roof over their heads. I want to thank Minister Duclos for coming to Etobicoke with the great news of this incredible investment in our community. By increasing access to affordable housing, we are building stronger and healthier communities in a difficult Toronto housing market. This investment provides more affordable housing options for middle-class families right here in Etobicoke Centre, close to public transit and our great local schools." – Borys Wrzesnewskyj, Member of Parliament for Etobicoke Centre
"Princess Management is happy to be able to participate with CMHC in this initiative to bring 259 superior housing units to this neighbourhood, in addition to the 467 units the company manages on this site. Princess Management looks forward to future opportunities within this initiative." – Evan Miller, Chief Executive Officer, Representative for Princess Management
- 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 across the country for middle-class families struggling in expensive housing markets.
- 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 from 2018 to 2021.
- The RCFI will encourage the construction of more than 14,000 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 rental market vacancy rate in Etobicoke (Central) is at 0.6%.
- The Terraces of Princess Gardens building will achieve energy savings of 19.3% and a reduction in greenhouse gas emissions of 31.9% compared to the National Energy Code of Canada for Building 2015.
- 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, visit our website or follow us on Twitter, YouTube, LinkedIn, Instagram and Facebook.
- 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]; Spencer Magee, Public Affairs, Canada Mortgage and Housing Corporation, 647-244-0040, [email protected]