Toronto getting over $200 million in federal funding for affordable housing

Toronto will be receiving $203.3 million under the new Rapid Housing Initiative (RHI) that was announced by the Federal Government on Tuesday.

Prime Minister Justin Trudeau announced the launch of the RHI, a new program that will invest $1 billion to create up to 3,000 new permanent, affordable housing units across the country.

Under the Major Cities Stream, $500 million will immediately go to support 15 major municipalities across the country including Toronto, Montreal, Halifax, and Vancouver. The decision is based on data including the levels of renters in severe housing need, and the number of people experiencing chronic homelessness.

Thank you Minister @HonAhmedHussen for working with Toronto and other cities on the Rapid Housing Initiative! https://t.co/bMCqPR5dOr

— John Tory (@JohnTory) October 28, 2020

Mayor John Tory said that as the country’s largest city by far, Toronto also has an affordable housing/homelessness challenge that is by far the biggest in Canada.

“This support is a very good start, and will help us get more affordable housing built quickly,” said Tory in a statement. “It shows the importance of continued cooperation between all governments to address homelessness.”

The RHI is part of the government’s plan to create jobs and promote economic recovery, while eliminating homelessness in Canada.

“We must take these funds, pooled with others including our own and partner with the private and non-profit sectors to get affordable housing built as quickly as possible in our city,” said Tory.

“That is why Toronto has two modular housing projects underway to create supportive housing in months rather than years. We are at work now on a 12-month investment plan we need to properly put this money to work.”

One Canadian experiencing homelessness is one too many. Today’s launch of the Rapid Housing Initiative will build thousands of homes across the country and help Canada move closer to our goal of finally eliminating chronic homelessness. pic.twitter.com/ZqHo4h12Mw

— Ahmed Hussen (@HonAhmedHussen) October 27, 2020

The RHI will be delivered by the Canada Mortgage and Housing Corporation (CMHC), under the National Housing Strategy, and funds will be distributed within the next few days, said Ahmed Hussen, the Minister of Families, Children and Social Development.