The City of Toronto has awarded $21.5 million to five non-profit housing agencies to enable the purchase and conversion of approximately 120 private-market rental housing units to permanently affordable rental homes.

The funding comes from the city’s Multi-Unit Residential Acquisition (MURA) program. Since its launch in 2021, MURA has funded not-for-profit agencies to secure approximately 261 permanently affordable homes in neighbourhoods across Toronto.

“Renters are feeling insecure. Evictions, renovictions and skyrocketing rents make it harder for people to find and stay in housing they can afford. It is more challenging than ever to be a renter in Toronto,” said Mayor Olivia Chow. “I’ve committed to expanding the MURA program to $100 million to secure over 600 more affordable homes for people each year.”

The MURA program provides funding to not-for-profit housing providers to preserve existing affordable rental housing stock for Toronto residents. The program contributes towards achieving the city’s target of approving 40,000 affordable rental homes, including 18,000 supportive homes, by 2030.

“I am delighted that the City of Toronto has awarded Multi-Unit Residential Acquisition program funding to not-for-profit partners who are working to secure affordable housing for Toronto residents,” said Councillor Gord Perks. “The partnership and support of all orders of government and not-for-profit partners is what we need to improve access to affordable housing in Toronto. Together, we can make a difference in the lives of many people who are struggling to find a safe and decent place to call home.”

Twenty per cent of MURA homes will be occupied by households on the city’s centralized waiting list for rent-geared-to-income housing.

A further 20 percent of the annual MURA funding allocation is dedicated to supporting acquisitions by Indigenous housing organizations for Indigenous peoples. Two of the five non-profit housing agencies awarded 2023 MURA funding are Indigenous, with proposals representing 33 homes. To date, 30 per cent of MURA’s funding has been allocated to support the acquisition of 45 affordable rental homes by Indigenous housing groups.

The city says its work to build new affordable housing is being done in tandem with purchasing and securing existing rental housing buildings as long-term, non-profit affordable housing.

It has five additional approved, but unfunded proposals, and says that with a further investment of $22.4 million from the public and private sectors, the could advance these acquisitions, and secure approximately 130 more permanently affordable rental homes.