TORONTO, March 6, 2020 /CNW/ - Every Canadian deserves a safe and affordable place to call home. Thanks to investments made by the Government of Canada, residents of Toronto will soon have access to more stable rental housing options that are affordable to the middle-class, and those working hard to join it.
Today, the Honourable Ahmed Hussen, Minister of Families, Children and Social Development and the Minister responsible for Canada Mortgage and Housing Corporation (CMHC) announced that the federal government is financing more than $147 million to help construct 514 residential units located at 3415 Weston Road in Toronto.
This project by Medallion Corporation, is receiving financing through CMHC's Rental Construction Financing initiative (RCFi), a National Housing Strategy program delivered by Canada Mortgage and Housing Corporation (CMHC) that supports rental housing construction projects to encourage a stable supply of rental housing for middle-class families in expensive housing markets and those families looking to join them.
"Canada's middle class and those looking to join them will benefit from the construction of new rental housing. Through new investments, our Government is taking action to increase the supply of new rental developments, providing housing options that are closer to services hard-working Canadian families need." – The Honourable Ahmed Hussen, Minister of Families, Children and Social Development and the Minister responsible for CMHC
"I want to thank the Federal government for providing a $147 million financing commitment towards the creation of new rental housing for our residents. This funding will help us build up the newly anticipated Casa at Emery Village and ensure that part of the plan includes affordable housing options. Today's announcement is a reflection of the importance of private and public partnerships and the impactful work that can be done." – John Tory, Mayor, City of Toronto
"We applaud CMHC for introducing the innovative RCFI program which is encouraging Medallion to immediately proceed with the construction of much needed, high quality new purpose built apartment buildings for Canadians and their families." – Peter Grater, Chief Financial Officer, Medallion Corporation
SOURCE Canada Mortgage and Housing Corporation
For further information: Maya Dura, Office of the Minister of Families, Children and Social Development, 873-354-8265, [email protected]; Angelina Ritacco, Canada Mortgage and Housing Corporation, Media Relations, 416-218-3320, [email protected]
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