Toronto receives $132 million to build a minimum of 233 new affordable homes

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Ontario Construction News staff writer

The City of Toronto will receive $132 million in additional funding this year from the through the Major Cities Stream of the Rapid Housing Initiative (RHI) to build at least 233 new affordable and supportive homes in 2022.

“There has been an increased need in our city for more affordable housing and through this funding we can bring forward new spaces quickly. As a city, we have been very focused on addressing homelessness and quickly building affordable and supportive housing,” said Mayor John Tory.

In order to receive the funds, the city must provide the Government of Canada with an investment plan. Projects must be completed within 12 months following approval by Canada Mortgage and Housing Corporation (CMHC).

Delivered by CMHC, funds will cover the cost of acquisition of land and construction of new housing; acquisition of land and existing non-residential buildings for the purpose of conversion to affordable housing; and acquisition of land and rehabilitation of housing.

The RHI sets a target to allocate at least 25 per cent of funding towards housing projects for women and/or women and their children and asks that cities work with Indigenous-led organizations to allocate 15 per cent of funding for projects serving urban Indigenous peoples.

rhi toronto

Staff will report to council in September with a progress update and to seek any additional authorities required to acquire or develop the new affordable rental homes within the 12-month program timeframe.

“Every Canadian deserves a safe and affordable place to call home. Today’s funding through the Rapid Housing Initiative will go a long way to support those who need it most, by quickly providing more than 230 new affordable homes for vulnerable individuals and families in Toronto,” said Ahmed Hussen, federal minister responsible for Canada Mortgage and Housing Corporation

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