Newly built project to remain affordable for a minimum of 25 years
Canada Mortgage and Housing Corporation, together with municipal and provincial governments, have announced a $42 million investment in low-cost housing for nearly 200 families in Scarborough North, Toronto.
The funds were allocated for the construction of Ridgeford Place, a new 12-storey residential building located at 23 Thunder Grove Road in Scarborough North. The development will provide 186 new rental housing units situated in close proximity to public transit, schools, and services.
“It has become clear, in the past year, that nothing is more important than a home. Hard-working families in Scarborough deserve a safe and affordable place to call home, where they can thrive and spend time with their loved ones,” said Shaun Chen, Member of Parliament for Scarborough North. “The Government of Canada’s involvement in this project demonstrates our ongoing commitment to that belief. Together, we are investing in a generation of new permanent housing that we can all be proud of.”
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The investment was coursed through CMHC’s Rental Construction Financing initiative (RCFi), a National Housing Strategy program that supports construction projects to encourage a stable supply of rental units for middle-class households, especially those living in high-cost housing markets.
Toronto mayor John Tory assured that Ridgeford Place will remain affordable for a minimum of 25 years.
“The city is also providing funding over the 25-year term to deepen affordability so that 47 low-income households will pay no more than 30% of their income on rent,” Tory said.
