Investment to support conversion of a vacant property in the city's downtown
Canada Mortgage and Housing Corporation (CMHC) has announced $1.2 million in federal support for an affordable housing project in Toronto.
The investment, made through the Major Cities Stream of the Rapid Housing Initiative (RHI), will support the conversion of a vacant property along Parliament Street in downtown Toronto into 24 affordable low-rise apartment homes.
Delivered by CMHC under the National Housing Strategy (NHS), RHI provides capital contributions to develop new, permanent affordable housing by covering costs associated with modular multi-unit rental construction; conversion of non-residential to affordable multi-residential homes; and rehabilitation of buildings in disrepair and/or abandoned to affordable multi-residential homes.
“Our investments will go a long way to effectively support those who need it most by quickly providing new, affordable housing units to vulnerable Canadians in Toronto, while addressing the unique barriers faced by at-risk communities,” said Ahmed Hussen, the federal minister responsible for CMHC. “The Rapid Housing Initiative has been a tremendous success – that’s why, through Budget 2021, we will increase our total program funding to $2.5 billion in order to rapidly build much-needed affordable homes across Canada.”
“By creating new, affordable supportive homes such as these, we are making an investment that will result in healthier communities by moving people permanently out of homelessness and into safe, secure housing with all the supports needed to support their well-being,” said Toronto mayor John Tory. “We can’t do it alone, which is why it’s so important to have all orders of government onboard for these investments. Together, we can make a real difference in the lives of so many people in this city.”
