The federal government has committed $1.3 billion to Toronto Community Housing (TCH), which is the largest federal housing investment in municipal history.
The money will go toward renovating some 58,000 affordable housing units over a 10-year period, according to the federal government.
The renovations will begin this spring and will ensure these units remain available to those who need an affordable place to live, while improving living conditions, safety, accessibility, and comfort for tenants, and making the units more energy efficient.
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“All parents want to give their children the best possible start in life, and that starts with making sure they have a safe and comfortable home,” said Prime Minister Justin Trudeau.
“Today’s announcement is about investing in the people of Toronto, and giving them the opportunity they deserve to build bright futures for themselves, their families, and their communities.”
Trudeau met with Mayor John Tory at a TCH building in Scarborough Friday afternoon to announce the funding.
Joining Prime Minister @JustinTrudeau & Minister @JYDuclos in Scarborough to announce a new $1.3 billion partnership with the City of Toronto – the largest federal housing investment with a municipal partner in Canadian history – to repair & improve our social housing. pic.twitter.com/WpvLDY0QXD
— John Tory (@JohnTory) April 5, 2019
“I want to thank Prime Minister Trudeau and Minister Duclos for the $1.3 billion commitment to Toronto Community Housing repairs in 1,500 buildings across the city,” said Mayor Tory.
“This investment will ensure more families have access to good homes and it will help make so many communities across Toronto even stronger. It represents the very best of how our governments can work together to get things done for our residents.”
About $810-million of the funding will come in the form of loans from the federal government, while the remaining $530-million will be contributions. All of the funding will be distributed over a 10-year period.
This is the second announcement from the Federal Government around affordable housing in Toronto, following an announcement regarding $89 million for a new 16-storey building in Etobicoke that will provide affordable homes for 259 families.