Feds allocate $203M for Toronto Rapid Housing
The federal government has announced more than $200 million in funding for affordable housing in Toronto.
Ahmed Hussen, the federal Minister of Families, Children and Social Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), announced the funding on January 15. It is by far the largest packet of money allocated by the federal government under its Rapid Housing Initiative (RHI) program.
As part of its Investment Plan, Toronto will use the money to fund construction of seven projects that will create a combined 540 new affordable homes. These new homes will be prioritized for people experiencing homelessness. The city has committed to allocate 20 percent of the homes to Indigenous communities and an additional 20 percent to women and girls. Other units will support seniors, youth and racialized communities.
"I want to thank the Government of Canada for their commitment to helping us provide people with a safe, affordable place to live and for supporting our city in building more affordable housing in Toronto as quickly as possible,” said Toronto Mayor John Tory. “As a municipal government, we are doing everything we can to address homelessness and ensure that, with the help of the federal and provincial governments, we are building urgently needed affordable housing options. By working together with other levels of government, Toronto can continue to meet its goals and build housing for some of our most vulnerable residents."
"The pandemic has highlighted that access to a safe, secure and affordable home is essential to a person's health and well-being, and the overall well-being of our society,” said deputy mayor Ana Bailão. “The need for more affordable housing in our community has never been greater. The City of Toronto would like to thank the Government of Canada for their support. This funding will make a tangible difference and will support us in accelerating HousingTO, our 10-year housing action plan."
With the $1 billion RHI, the Government of Canada will support the construction of up to 3,000 permanent, new affordable housing units across Canada to help address urgent housing needs for Canadians, especially our most vulnerable.
Delivered by CMHC, under the National Housing Strategy (NHS), RHI provides the necessary capital contributions to develop new, permanent affordable housing by covering costs associated with modular multi-unit rental construction; conversion of non-residential to affordable multi-residential; and rehabilitation of buildings in disrepair and/or abandoned to affordable multi-residential.
The RHI Major Cities Stream provides $500 million in immediate support to pre-determined municipalities that were identified based on highest levels of renters in severe housing need and people experiencing homelessness.
The RHI takes a human rights-based approach to housing, serving people experiencing or at risk of homelessness and others who are among the most vulnerable, including: women and children fleeing domestic violence, seniors, young adults, Indigenous peoples, people with disabilities, people dealing with mental health and addiction issues, veterans, LGBTQ2+, racialized groups, Black Canadians, and recent immigrants or refugees.