TORONTO, Dec. 2, 2022 /CNW/ - Today, the Honourable Ahmed Hussen, Minister of Housing and Diversity and Inclusion, alongside Julie Dabrusin, Parliamentary Secretary to the Minister of Natural Resources and to the Minister of Environment and Climate Change and Member of Parliament for Toronto-Danforth, Mayor John Tory, and Jag Sharma, President and Chief Executive Officer of Toronto Community Housing (TCHC), announced a combined investment of approximately $98 million to support the renewal and renovation of over 750 homes in Toronto.
The Government of Canada contributed nearly $90.2 million through the National Housing Co-Investment Fund (NHCF), while the City of Toronto contributed over $8 million to the project.
This historic land transfer and renewal project will provide affordable homes for hundreds of women and their families, refugee families, and Indigenous Peoples in both urban and suburban neighbourhoods across Toronto. The ownership and operation of these homes have been transferred to two affordable housing non-profits – The Neighborhood Land Trust and Circle Community Land Trust – to improve tenant services and ensure that the properties remain affordable and well-maintained for years to come.
The renovation and renewal of the homes will take place over the next five years, with completion expected by the end of 2027.
"Every Canadian deserves a safe and affordable place to call home. Through the National Housing Co-Investment Fund, our government is investing in affordable housing here in Toronto and across Canada. Today's announcement will bring positive change to many communities across the city, by providing hundreds of families with the affordable and accessible housing they need to thrive. By investing in affordable housing, we are ensuring that our communities are vibrant and inclusive places where families want to live and grow. This is the National Housing Strategy at work." – The Honourable Ahmed Hussen, Minister of Housing and Diversity and Inclusion
"This investment from the National Housing Co-Investment Fund is improving the economic and social well-being of hundreds of families across Toronto. Our government is making significant investments, like the one made here today, in housing across Canada to deliver secure and stable homes for those who need them most. This helps makes all our communities better places to live as more families are able to find housing that meets their needs." – Julie Dabrusin, Parliamentary Secretary to the Minister of Natural Resources and to the Minister of Environment and Climate Change and Member of Parliament for Toronto—Danforth
"The Tenants First plan is delivering real and meaningful improvements for people in our city who rely on social housing with appropriate and critical supports. The transfer of the standalone homes portfolio as well as the new Toronto Seniors Housing Corporation means that Toronto Community Housing can now fully focus on its core mandate as a social housing landlord. I am thankful for the federal government's significant five-year investment that will help bring these standalone homes into a state of good repair. As we continue to work with other levels of government and housing partners to develop more affordable housing, we must also ensure the existing housing stock in Toronto remains affordable, and that lower-income residents have healthy, safe housing options. This remains one of my top priorities. I am pleased that this transfer will help protect these standalone homes and bring them to a good state of repair for current and future residents." – Mayor John Tory, City of Toronto
"To maintain its status as a leader on the national and global stage, Toronto's housing supply must remain affordable for all its residents. This transfer protects these homes for the future benefit of Toronto and brings TCHC closer than ever to the City's vision for our organization as one that is more service-oriented and tenant-focused."– Jag Sharma, President and Chief Executive Officer of Toronto Community Housing
"The Neighbourhood Land Trust is honoured to be partnering with the YWCA Toronto, the City and CMHC to improve and steward this important social housing portfolio as permanently affordable housing on behalf of communities across the west end of Toronto. Through the co-investment of CMHC and the City, the Land Trust will be able to implement much needed repairs and sustainability improvements to 81 properties, benefiting 153 Toronto households." - Ayal Dinner, Board President, The Neighbourhood Land Trust
"As a Community Land Trust, Circle will keep these homes permanently affordable for today's tenants, and future generations. And with the significant funding and support from CMHC, we will be able to bring these homes into a state of good repair, and provide sustainability retrofits - resulting in secure, dignified, and environmentally responsible housing for our tenants. These homes are truly irreplaceable, and we are proud to be carrying them into the future. Circle would also like to acknowledge the support of Vancity Community Investment Bank, who funded the acquisition and made the transfer possible." – Heather Tremain, Board President, Circle Community Land Trust
The National Housing Co-Investment Fund (NHCF) is a program under the National Housing Strategy (NHS) that gives priority to projects that help people who need it most, including women and children fleeing family violence, seniors, Indigenous peoples, people living with disabilities, those with mental health or addiction issues, veterans, and young adults.
Budget 2022 proposes to advance $2.9 billion in funding under the NHCF to accelerate the creation of up to 4,300 new units and the repair of up to 17,800 units.
The Government of Canada's National Housing Strategy (NHS) is an ambitious, 10-year plan that will invest over $72 billion to give more Canadians a place to call home.
As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing needs, and offers unbiased housing research and advice to all levels of the Canadian government, consumers and the housing industry. CMHC's aim is that by 2030, everyone in Canada has a home they can afford and that meets their needs. For more information, please visit cmhc.ca or follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.
To find out more about the National Housing Strategy, visit: www.placetocallhome.ca
Check out the National Housing Strategy Housing Funding Initiatives Map to see affordable housing projects that have been developed across Canada.
SOURCE Government of Canada
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