Federal government announces $1.2B in loans for Toronto rental builds
Funding slated to build over 2,600 new rental homes in the city, officials say
In the midst of Toronto's pleas for increased funding, federal government officials have announced $1.2 billion, paid through low-interest loans, to build 2,644 rental homes across seven new projects in Toronto.
In a statement issued Tuesday, the federal government said the loans are being issued through its rental construction financing initiative.
"Every Canadian deserves a safe place to call home. With today's investment through the Rental Construction Financing Initiative, our government is taking concrete action to help the citizens of Toronto access the rental housing they need," said Deputy Prime Minister Chrystia Freeland in a statement.
"We will continue to do everything we can to make housing more affordable for Canadians from coast to coast to coast."
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The government says seven projects are being funded with these loans:
- 855 rental homes at 373 Front St. E.
- 484 rental homes at 94 Eastdale Ave.
- 389 rental homes at 55 Broadway Ave.
- 390 rental homes at 325 Moriyama Dr.
- 233 rental homes at 1555 Queen St. E.
- 225 rental homes at 610 Martin Grove Rd.
- 68 rental homes at 650 Kingston Rd.
The announcement comes a few weeks after the City of Toronto announced its new, accelerated plans to build affordable housing — a plan that would require billions of dollars in federal and provincial funding and loans to make it happen.
Last week councillors voted in favour of the plan, which would see the city aim to build 65,000 new rent-controlled homes built by 2030.
Speaking at a news conference Tuesday afternoon, Toronto Mayor Olivia Chow said the construction of new rental housing provides hope for Torontonians — especially considering how the high cost of rental housing in the city is contributing to high food bank usage, she said.
"By the time they finish paying rent, there's not much money left," Chow said.