The federal government is investing $89 million for the construction of affordable housing.
Through CMHC’s Rental Construction Financing initiative (RCFi), the government is constructing the Terraces of Princess Gardens, a 16-storey building that will provide affordable homes to 259 families. The majority of the units will have rents at or below 30% of median household income in the area and at least 10% of the units will be accessible, according to the feds.
“Through the National Housing Strategy, more middle-class Canadians — and those working hard to join it — will find safe, accessible and affordable homes in communities where their families can thrive, children learn and grow, and have the stability and opportunities they need to succeed,” said Jean-Yves Duclos, Minister of Families, Children and Social Development.
The new construction will be located in Etobicoke, and will be close to public transit, schools and services for middle-income families.
A great morning with Minister of Families, Children, and Social Development @jyduclos, and MPs @TOAdamVaughan, @j_maloney and @BorysWrz to examine this new affordable housing development being built with an investment from @CMHC_ca’s Rental Construction Financing Initiative. pic.twitter.com/yX2T7DdmmJ
— John Tory (@JohnTory) March 14, 2019
“It’s good to see the federal government back in the housing business with the National Housing Strategy and I’m glad that funding has started flowing here to Toronto as well as other parts of Canada where the cost of housing and the need for more housing continues to rise,” said Mayor John Tory.
“I firmly believe that these are times that require swift and bold action on housing and that’s why I welcome the federal government’s investment here. Toronto residents should know we are taking action to get affordable housing built and to fix social housing.”
Launched in 2018, the RCFi, a National Housing Strategy initiative delivered by CMHC, supports affordable rental housing construction projects to encourage a stable supply of affordable rental housing across the country for middle-class families struggling in expensive housing markets.
According to the federal government, the rental market is an important housing option for approximately 30% of Canadians. And Etobicoke’s rental market vacancy rate is at 0.6%.