Federal government supports 40 rapid housing units in Toronto

Government of Canada Logo (CNW Group/Canada Mortgage and Housing Corporation (CMHC))

Canadian Mortgage and Housing Corporation Logo (CNW Group/Canada Mortgage and Housing Corporation (CMHC))

TORONTO, Nov. 15, 2023 /CNW/ - A safe and affordable place to call home is the foundation for building a life that people want and deserve. Having a reliable roof to live under brings stability and security. Today, the federal government announced over $21.6 million to help create 40 affordable homes in Toronto.

The announcement was made by the Honourable Arif Virani, Minister of Justice and Member of Parliament for Parkdale—High Park, on behalf of the Honorable Sean Fraser, Minister of Housing, Infrastructure and Communities, alongside Olivia Chow, Mayor of the City of Toronto and Gord Perks, Councillor for Parkdale-High Park.

The new project, located at 11 Brock Avenue, will provide at least 40 affordable housing units with support services for people experiencing or at risk of homelessness, including seniors, Indigenous people, persons with mental health and addictions issues, and women. The City will lead this development under a new public builder model. This is part of the City's effort to advance a systemic shift in Toronto's housing system and increase the stock of public and non-profit owned homes.

Completion of the project is expected by early 2025.

A breakdown of funding for this project includes:

• $21.6 million under the Cities Stream of the third round of the Rapid Housing Initiative (RHI)
• $3.4 million in contribution and $389,321 in cash equity from the City of Toronto

This is made possible by the Government of Canada's additional investment of $1.5 billion through RHI, bringing the program's total to $4 billion to support the country's most vulnerable. This investment is also expected to create at least 5,200 more affordable housing units for Canadians in severe housing need across the country, with almost 50 per cent of investments going towards women-focused housing projects. 

RHI provides funding to facilitate the rapid construction of new housing and the acquisition of existing buildings for the purpose of rehabilitation or conversion to permanent affordable housing units. The additional funding for the third round of RHI will be divided into two streams: $1 billion through the Projects Stream and $500 million towards the Cities Stream.

Quotes:

"Everyone deserves a safe and affordable place to call home. Through the Rapid Housing Initiative, we are quickly providing new affordable homes for people who need them most right across Canada. We will continue working closely with our partners to create more affordable housing that meets the needs of Canadians now, and into the future." –  The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities

"Safe and affordable housing is foundational – it helps build community and results in improved economic, educational and health outcomes. Today's announcement of a $21 million investment through the Rapid Housing Initiative in my riding of Parkdale-High Park is another step towards creating more equitable and affordable housing for vulnerable people in our community.  It builds on the $14 million we have already invested in Parkdale-High Park through the Rapid Housing Initiative. Your federal government will continue to put the housing needs of residents first."  –  The Honourable Arif Virani, Minister of Justice and Attorney General of Canada and Member of Parliament for Parkdale—High Park

"Increasing the supply of supportive housing is critical to addressing homelessness in Toronto. Today's announcement of federal funding for this much needed housing is very welcome – and an example of the kinds of investment and partnership required to address Toronto's housing and homelessness crisis. 11 Brock Ave. advances the City's public builder model, and I'm excited to see the Government of Canada supporting this generational opportunity to get back into the business of building housing." – Olivia Chow, Mayor of the City of Toronto

"People experiencing homelessness face daily challenges to their health, safety and overall well-being. The Rapid Housing Initiative allows us to deliver safe, sustainable, long-term housing with appropriate supports to people who need it the most. I am very grateful to the Government of Canada for reasserting its commitment to increasing the supply of affordable supportive housing in Toronto. Together with our government partners, we will continue to provide a timely response to the urgent housing needs of Toronto residents."
– Gord Perks, Councillor of Parkdale-High Park and Chair of the Planning and Housing Committee

Quick facts:

• The Government of Canada's National Housing Strategy (NHS) is an ambitious, 10-year plan that will invest more than $82+ billion to give more Canadians a place to call home.
• Launched in 2020, the Rapid Housing Initiative (RHI) is delivered by the Canada Mortgage and Housing Corporation (CMHC), under the NHS.
• With its third phase, launched in 2022, the Rapid Housing Initiative once again exceeded targets. It is expected that over 5,200 new homes will be created, of which almost half will be for women and one third will be for Indigenous Peoples.
• The total number of units created with the support of the three rounds of the Rapid Housing Initiative is expected to be over 15,500 units.
• The RHI takes a human rights-based approach to housing, serving people experiencing or at risk of homelessness and other vulnerable people under the NHS, including women and children fleeing domestic violence, seniors, young adults, Indigenous Peoples, people with disabilities, people experiencing mental health and addiction issues, veterans, 2SLGBTQI+ individuals, racialized groups, and recent immigrants or refugees.

Related links:

• Visit Canada.ca/housing for the most requested Government of Canada housing information.
• To find out more, visit RHI3 and eligibility criteria.
• 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 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.
• To find out more about the National Housing Strategy, visit: www.placetocallhome.ca
• Check out the National Housing Strategy Housing Funding Initiatives Map to see affordable housing projects that have been developed across Canada.

SOURCE Canada Mortgage and Housing Corporation (CMHC)

Information on this news release: Micaal Ahmed, Office of the Minister of Housing, Infrastructure and Communities, [email protected]; Media Relations, Canada Mortgage and Housing Corporation, [email protected]