More than 400 new affordable housing units to be built in the city
The federal government has announced a new $178.95 million investment for the immediate construction of low-cost housing in Toronto.
This sum, which will be coursed through the Canadian government’s Rental Construction Financing initiative (RCFi), will fund the development of the project located at 100 Broadway Avenue.
The residential complex will include approximately 412 affordable housing units. It is being developed by The R.W. One Hundred Development Corporation, a joint venture between Reserve Properties and Westdale Construction.
“Developing a purpose-built rental building at 100 Broadway allows us to deliver a range of housing options that are accessible for people from many walks of life,” said Shane Fenton, COO of Reserve Properties.
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Aside from underground parking with a total of 116 spaces, the project will come with 412 bicycle stalls and immediate access to vital amenities. Through an agreement signed with the municipal government, an 8,000-square-foot park will also be created directly outside the building.
“By financing this new rental housing project that creates over 400 new rental units for families and individuals, our government is not only taking action to increase the supply of new rental developments here in Toronto and across Canada, but also providing housing options that are closer to jobs, services and amenities for middle-class families and individuals,” said Rob Oliphant, member of Parliament for Don Valley West and parliamentary secretary to the Minister of Foreign Affairs.
