Feds provide $73M for Toronto rental housing
The federal government announced on August 14 that it will provide $73 million toward the construction of 233 residential rental homes—including 70 affordable homes—at a building under construction on Dundas Street West in Toronto.
John Tory, Mayor of the City of Toronto, also announced $5.5 million in capital grants for the development as part of the city's Open Door Affordable Housing Program. The city is also providing approximately $2.1 million in financial incentives including exemption of development fees and charges and property taxes for the development.
"Our city has been committed to increase the supply of affordable housing in Toronto, it has been a top priority for me as mayor,” said Tory. “This announcement demonstrates our continued commitment to providing families and individuals safe, supportive and affordable homes. This is another example of what can be achieved when we work together to address the needs of a growing city like Toronto."
The development is a 21-storey mixed-use building with rental homes and ground floor retail space. The residential units range from studios to three-bedrooms. Fifty of the suites will have below market rental rates. A further 20 will have rents guaranteed at or below 30 percent of median household income in the City of Toronto.
The building will also include a series of interconnected open spaces and parks Inside, it will feature an open-concept lobby lounge with seating and gathering spaces, a study area and billiards table that will act as a social hub for the building.
Construction started last summer 2019. Substantial completion is expected by the summer of 2022.
The developer, Concert Properties, has delivered nearly 12,000 rental, condominium and senior homes across Canada, including almost 20 percent of the new purpose-built high-rise residential rental inventory in the City of Toronto over the last 15 years.
"Concert was founded three decades ago with an initial mandate to provide assured and affordable rental housing,” said Concert Properties president and CEO Brian McCauley. “Social sustainability is a pillar that frames the way Concert moves toward the future, and it includes the creation of affordable, accessible suites that will help build strong, lasting communities."
Federal funding for the project is being provided through the Rental Construction Financing initiative, a National Housing Strategy program delivered by Canada Mortgage and Housing Corporation that supports rental housing construction projects. The program encourages a stable supply of rental housing for middle-class families in expensive housing markets.