Toronto receives $132M in RHI funding
The federal government has announced a further $132 million in funding for the City of Toronto to build affordable housing.
The government made the announcement on July 29, and the money is being provided to the city through the Major Cities Stream of the Rapid Housing Initiative (RHI). The city will use the funding to build at least 233 new affordable and supportive homes next year.
“There has been an increased need in our city for more affordable housing and through this funding we can bring forward new spaces quickly,” said Mayor John Tory. “As a city, we have been very focused on addressing homelessness and quickly building affordable and supportive housing. Today’s funding will help us achieve these goals.”
The new funding builds on a previous commitment of $238 million from the federal government—also awarded through the RHI. That money is being used to build 661 new supportive homes in Toronto.
The city says the new RHI funding will help it respond to the urgent need for more affordable and supportive housing by providing a rapid, dignified response that connects people experiencing and at risk of homelessness with homes and appropriate supports to help them achieve stability.
Prior to receiving the funding, Toronto will have to provide the federal government an investment plan. It must also complete all projects within 12 months following approval by Canada Mortgage and Housing Corporation.
The city aims to use the funding to support the implementation of its HousingTO 2020–2030 Action Plan and its COVID-19 Housing and Homelessness Recovery Response Plan. The action plan aims to build as many as 40,000 new affordable rental home, of which 18,000 will be supportive homes with a focus on helping people exit homelessness.
“Our plan at the City of Toronto is to build quality housing rapidly, and this funding will make that possible on a larger scale,” said Deputy Mayor Ana Bailão. “Creating at least 233 homes over 12 months means 233 people will have a safe, secure and stable place that they can permanently call home. Through the ambitious goals set out in our HousingTO 2020-2030 Plan, we are creating more of these opportunities faster than ever before and ensuring we build a more equitable city for all of us.”
The RHI sets a target to allocate at least 25 percent of funding towards housing projects for women and their children and asks that cities work with Indigenous-led organizations to allocate 15 percent of funding for projects serving urban Indigenous peoples.
City staff will report council in September with a progress update and to seek any additional authorities required to acquire or develop the new affordable rental homes within the 12-month program timeframe.
Featured image: Artist’s rendering of a Toronto Community Housing development in the West Don Lands. (Waterfront Toronto)