Governments of Canada and Ontario Celebrate New Affordable Housing in Toronto
Toronto, Ontario - Ground was broken today for 62 new affordable rental homes for low-income seniors and persons with disabilities in Toronto. The project received more than $7.4 million in funding from the federal and provincial governments.
The Honourable Peter Kent, Minister of State of Foreign Affairs (Americas) and Member of Parliament for Thornhill, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC); the Honourable Kathleen Wynne, Minister of Transportation and Member of Provincial Parliament for Don Valley West, on behalf of Jim Bradley, Ontario's Minister of Municipal Affairs and Housing; and City of Toronto Councillor, John Parker, Ward 26 Don Valley West on behalf of Mayor David Miller made the announcement.
The 62-unit project located at 5 Deauville Lane in Toronto received more than $7.4 million from the Canada-Ontario Affordable Housing Program. The federal and provincial funding is complemented by $550,000 in financial incentives from the City of Toronto, including waived development fees and property taxes.
The Canada-Ontario Affordable Housing Program Agreement comprises a commitment of $301 million from each of the two senior levels of government. In total, the federal, provincial and municipal governments will invest at least $734 million in the program, which will provide affordable housing for up to 20,000 households in Ontario.
In 2008, the Government of Canada committed more than $1.9 billion over five years to improve and build new affordable housing and to help the homeless. Canada's Economic Action Plan builds on this and provides $475 million, over two years, to build new rental housing for low-income seniors and persons with disabilities. Overall, the Economic Action Plan includes $2 billion over two years in new and existing social housing and lending up to another $2 billion to municipalities for housing-related infrastructure. Combined for Ontario, this means a further $1.2-billion joint investment under the amended Canada-Ontario Affordable Housing Program Agreement. The federal and provincial governments are contributing equally to this overall investment.
In 2009, Ontario allocated a combined federal and provincial investment of $704 million for the renovation of existing social housing, and $540 million for the construction of new affordable housing. This investment is part of the Open Ontario plan, and will create an estimated 23,000 jobs over the course of the program, while strengthening local economies across the province. To date, Ontario has approved more than $483 million for construction-ready projects, which will provide affordable housing for low-income families, senior citizens, and persons with disabilities, and $361.5 million for repairs benefiting some 150,054 social housing units. To find out more about affordable housing in Ontario, visit www.ontario.ca/housing.
The City of Toronto has adopted a 10-year plan to assist 257,700 households struggling with high housing costs or inadequate accommodation. The Housing Opportunities Toronto Action Plan 2010-2020 focuses on upgrading existing private and social housing, building 1,000 new affordable rental homes annually and making home ownership more affordable. To find out more, visit www.toronto.ca/housingportal.
More information on this and other measures in Canada's Economic Action Plan can be found at www.actionplan.gc.ca. To find out more about how the Government of Canada and CMHC are working to build stronger homes and communities for all Canadians, call CMHC at 1-800-668-2642 or visit www.cmhc.ca/housingactionplan.
“Through Canada's Economic Action Plan, our government is providing a hand-up to those who need it most here in Toronto and throughout the GTA. With projects such as this, our government is providing greater access to safe, affordable homes for seniors and people with disabilities, while at the same time creating new jobs and stimulating the local economy.”
“The McGuinty government is committed to working with partners like the City of Toronto to provide access to safe, healthy and affordable shelter to those who need it most. As part of our Open Ontario plan, today's investment is helping to stimulate the economy by creating jobs in construction and renovation, while making a positive difference in the lives of many senior citizens.”
“I'm very pleased to see the creation of affordable housing in our community, particularly for seniors and disabled persons. This initiative demonstrates the power of the partnership that exists between the City, the federal and provincial governments and developers like Deauville Place Inc.”
“I just want to thank the three governments involved for their help and leadership in bringing this project to life. I'm proud to be building high quality, affordable housing for seniors.”