TORONTO, Jan. 16, 2020 /CNW/ - Thanks to investments made by the Government of Canada and the City of Toronto, Toronto residents will soon benefit from a significant increase in the supply of rental housing in their city and have access to more safe, affordable places to call home.
Today, the Honourable Ahmed Hussen, Minister of Families, Children and Social Development and the Minister responsible for Canada Mortgage and Housing Corporation (CMHC) announced the federal government is financing $200 million for the construction of six rental residential buildings with 916 rental units at Mirvish Village, a mixed-use, 100% rental community at the site of the historic Honest Ed's department store, at the corner of Bloor Street West and Bathurst Street.
This project, developed by Westbank Corp. and Peterson Group, is receiving financing through CMHC's Rental Construction Financing initiative (RCFi), a National Housing Strategy program delivered by CMHC. This initiative supports rental housing construction projects to assist in providing a stable supply of rental housing for middle-class families living in expensive housing markets.
Mirvish Village includes six rental residential buildings with a total of 916 rental units. Of those, 366 units will be provided at rents at or below 30% of median household income. Of the 366 affordable units, 100 will be secured at 80% of Average Market Rent for the City of Toronto, as published by CMHC. These affordable units will be scattered throughout the project and will be of the same quality and design as market rent units.
Quotes
"Our Government is taking action to strengthen the middle class. Through the National Housing Strategy, we can ensure more Canadians have access to housing that meets their needs, and that they can afford. This development is an example of how we are increasing the number of rental units in Toronto and across Canada"– The Honourable Ahmed Hussen, Minister of Families, Children and Social Development and the Minister responsible for Canada Mortgage and Housing Corporation (CMHC)
"Today's announcement reinforces our government's commitment to creating homes that are affordable, energy efficient, and accessible. By helping build communities such as Mirvish Village, where people can live close to jobs, schools, and public transit, we can make a meaningful difference in the lives of Canadians." – The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Intergovernmental Affairs
"This funding for the Mirvish Village will help us preserve a historic and vibrant community in our city. Honest Ed's was a beloved part of our city and by creating affordable housing on this vacant land we are able to address the housing challenges our city faces. I want to thank the federal government for providing this important funding. This $200 million commitment demonstrates the importance of all levels of government working together to address issues that impact Torontonians." – John Tory, Mayor of Toronto.
"Our years of experience with CMHC starting with the redevelopment of Woodward's has resulted in some of the most meaningful city building in Canada and Mirvish Village is the largest of those projects to date. Our ambitions with this project are very significant and none of this could be accomplished without the commitment from the team at CMHC and the commitment from the Government of Canada. " – Ian Gillespie, Founder, Westbank
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SOURCE Canada Mortgage and Housing Corporation
Information on this release: Valérie Glazer, Press Secretary, Office of the Minister of Families, Children and Social Development, 819-654-5546, [email protected]; Angelina Ritacco, Media Relations, Canada Mortgage and Housing Corporation, 416-218-3320, [email protected]
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