Toronto to get 761 new rental homes through CMHC initiative

An initiative designed to help ease the affordable rental homes crisis will provide funding for hundreds of new homes in Toronto.

The three new towers will be funded through CMHC’s Rental Construction Financing initiative (RCFi) with $357 million to build 761 homes of which 229 are affordable units and 532 are market units. There will also be 4,371 square feet of non-residential space.

Three and four-bedroom units will account for 45 of the 229 affordable units and all 229 affordable units will be dispersed throughout the three buildings.

“Today’s announcement is another example of a great partnership between the City of Toronto and the federal government. This investment will positively impact the lives of many residents in our city and ensure that more families have access to affordable and quality housing here in Toronto,” said John Tory, Mayor of Toronto.

Christine Hogarth, Member of Provincial Parliament, Etobicoke – Lakeshore added that the provincial government is contributing $117 million of provincial land value to support the creation of much needed rental and affordable housing to Toronto's downtown core.

“We take pride in working with a variety of partners to increase the amount of housing available to the people of Ontario and through this contribution, individuals and families will have access to affordable housing,” she said.

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