The federal government says it will offer billions in long -term financing in the long term to help build thousands of rental units in Toronto, including more than a thousand affordable houses.
The $ 2.25 billion will be provided through the OTTAWA Apartment Construction Loans Program. It occurs after the City Council of Toronto approved a package of financial incentives for rental builders that include the relief of development positions and a reduction in property taxes, provided that 20 percent of the new units are rented at discount prices.
The financing will be used for seven rental development projects selected by the city that could be under construction at the end of next year.
In total, it is expected to help deliver 4,831 rental houses, with at least 1,075 of those offered in rents below the market, according to the city.
At a press conference on Wednesday morning, the mayor of Toronto, Olivia Chow, said that the “historical agreement” will reduce the barriers to build homes and help ensure affordable homes “for the coming generations.”
Chow joined the liberal parliamentarians Nate Erskine-Smith, the Federal Housing Minister, and Julie Dabrusin, who represents Toronto-Danforth. The announcement comes with the recently jury prime minister, Mark Carney, is expected to call a federal choice instantly in the next few days or weeks.
“This agreement says together that we are stronger. The association is what is needed,” said Chow. He added that the agreement is “historical” because it is the first time that the federal government is “willing to launch all the projects together and tell Toronto: ‘We trust to give them.”
The building has slowed down, says Chow
Chow pointed out that a prolonged period of high interest rates and now deepened economic uncertainty around him. UU. UU. It has resulted in many housing projects in the city.
The seven developments that will support the financing include several approved in December and others that are built under the housing program of the city now, whose objective is to build mixed use communities in land owned by the city.
The projects are:
- 1,267 rental houses in Quayside.
- 1,226 rental houses in 49 ontario st.
- 767 rental houses 50 Wilson Heights Blvd.
- 705 rental houses in 777 Victoria Park Ave.
- 370 rental houses in 250 Wincott Dr.
- 341 Rent homes in 26 Gilder Dr.
- 155 rental houses in 3379-3385 Lawrence Ave. E.
Chow said there is another low -cost financing of $ 4.5 billion that the city could access in association with Ottawa, but depends on equalizing funds from the provincial government that has not yet materialized.
Wednesday’s announcement also included a promise of $ 25.8 million for two years from the federal government to help Toronto with their “immediate needs related to the camps.”
According to the city, financing will be used to expand the scope to homeless people and improve refuge services, specifically those who help connect people in camps and shelters to permanent homes.
