Ontario Construction News staff writer
The federal government is providing more than $137 million to support construction of a 21-storey co-operative housing building in Scarborough, part of a national push to expand non-market housing supply.
The project at 2 Dunelm Street, developed by Options for Homes, will add 245 rental co-op units ranging from studios to three-bedroom apartments. The site is located in the Scarborough Village area, close to transit, schools and local services.
Funding comes through the Co-operative Housing Development Program (CHDP), a $1.5-billion federal initiative and the largest investment in new co-op housing development in more than three decades. The program is intended to increase access to below-market rental housing for middle-income households and was developed in partnership with the Co-operative Housing Federation of Canada.
“Today, too many working households in Scarborough earn a good living yet are priced out and pushed out of the very communities they belong to. We are honoured to have the federal government’s funding and support for the rental co-op at The Cedars,” said Daniel Ger, CEO, Options for Homes. “This milestone funding demonstrates the scale of what can be possible when visions and resources between non-profits and government are aligned to deliver housing that meets the diverse needs of working households in our cities.”
The Cedars South Tower, as the project is known, will operate on a co-operative model in which residents collectively manage the housing and rents are set to remain below private market levels.
Co-op housing advocates say rising rents and limited supply of family-sized units have increased demand for non-profit and co-operative developments across the Greater Toronto Area.
Construction timelines were not provided.
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