Toronto, feds commit funding to new supportive housing
Officials from the City of Toronto and the federal government announced new funding for supportive housing in the city on November 10.
The money is being provided to the city via the federal Rapid Housing Initiative (RHI). Some $44 million will go to build 106 new rent-geared-to-income and supportive homes at 165 Elm Ridge Drive.
The homes will be dedicated to people with developmental and physical disabilities including seniors and older adults experiencing cognitive decline or mental health challenges. Residents will pay no more than 30% of their incomes or the shelter allowance of their income support benefit on rent.
“The affordable supportive housing site at 165 Elm Ridge Dr. is part of the city’s determined response to ensure all Torontonians have appropriate housing,” said Mayor Olivia Chow. “This site will provide a safe, comfortable and inclusive space for people with disabilities.”
Reena, an experienced not-for-profit organization, will operate the building and provide 24/7 onsite support services. Residents will also have access to a range of wraparound support services tailored to their unique needs.
Construction is anticipated to start in December.
The project received more than $43.9 million in capital funding from the federal government through the Phase 3 of the RHI. The city has committed a further $8.1 million in financial incentives such as waivers of development charges and planning and building fees, and annual property tax exemptions for at least 40 years.
Reena Foundation is contributing $15 million and Batay Reena is contributing $15 million in equity.