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$72.4 million
- The federal government has earmarked about $72.4 million to build 220 new housing units in Toronto as part of its 2022 budget.
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Dec 21, 2023 · The Housing Accelerator Fund is helping cut red tape and fast-track the construction of over 380,000 new homes for people in towns, cities, and Indigenous communities across Canada over the next decade.
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Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, and the Honourable Arif Virani, Minister of Justice and Attorney General, announced a federal investment of $1.2 billion to build 2,644 rental homes across seven new projects in Toronto, provided as fully repayable low-interest loans through the Rental Construction Financing Initiative.
November 14, 2023 - Toronto, Ontario - Department of Finance Canada
Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, and the Honourable Arif Virani, Minister of Justice and Attorney General, announced a federal investment of $1.2 billion to build 2,644 rental homes across seven new projects in Toronto, provided as fully repayable low-interest loans through the Rental Construction Financing Initiative.
The seven projects announced today will build:
•855 rental homes at 373 Front Street East, with an investment of $444 million;
•484 rental homes at 94 Eastdale Avenue, with an investment of $215 million;
“Every Canadian deserves a safe place to call home. With today’s investment through the Rental Construction Financing Initiative, our government is taking concrete action to help the citizens of Toronto access the rental housing they need. We will continue to do everything we can to make housing more affordable for Canadians from coast to coast to coast.”
– The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance
“Our government is focused on building homes. Through programs like the Rental Construction Financing Initiative, we are incentivizing the development of much-needed rental units; including these 2,644 units right here in Toronto. We will continue to make strategic investments through our National Housing Strategy to ensure every Canadian has a safe and affordable place to call home.”
– The Honourable Arif Virani, Minister of Justice, and Attorney General of Canada
“We need to boost housing supply. This is why we are making strategic investments, through programs like the Rental Construction Financing Initiative, to build much-needed rental units across the country. All Canadians deserve a safe place to build and live their lives in, and we will ensure this becomes a reality.”
– The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities
•The more than $25 billion Rental Construction Financing Initiative provides fully repayable low-cost financing to encourage the construction of more purpose-built rental housing for middle income Canadians. It helps make the math work for rental projects to move ahead and helps create new housing supply, at a minimal cost to taxpayers.
Today’s announcement builds on the federal government’s plan to build more homes, faster, and make homes more affordable for Canadians. This plan includes:
•The Affordable Housing and Groceries Act, which would remove the Goods and Services Tax (GST) on new rental housing;
•The $4 billion Housing Accelerator Fund, which was launched earlier this year to cut red tape, address outdated local policies like zoning, which are preventing construction, and build more homes, faster;
•Unlocking $20 billion in new financing to build 30,000 more rental apartments per year by increasing the annual limit for Canada Mortgage Bonds from $40 billion to up to $60 billion;
•A two-year ban on non-resident, non-Canadians purchasing residential property to help curb speculation and ensure that houses are used as homes for Canadians to live in, rather than as financial assets for foreign investors;
- Department of Finance Canada
Mar 25, 2022 · Through the second round of RHI, the Government of Canada has allocated $201.5 million in funding to the city of Toronto to create over 420 new affordable homes for individuals and families in Toronto. New investments under the Rapid Housing Initiative will create thousands of good jobs in the housing and construction sector, grow the middle ...
Dec 22, 2023 · Just last month, I was able to announce two major rental housing construction projects being built right across Toronto through our Apartment Construction Loan Program, including 2,700 new rental homes.
- Department of Finance Canada
Jul 29, 2021 · The City of Toronto will receive $132 million in additional funding in 2021 from the Government of Canada through the Major Cities Stream of the Rapid Housing Initiative (RHI). The new funding will support quickly the creation of at least 233 new affordable and supportive homes in 2022 to help people exit homelessness.
Nov 16, 2023 · We have announced plans to unlock $20 billion in new, low-cost financing to build up to 30,000 more new rental apartments per year. We have helped more than 250,000 Canadians save for their first down payment, tax-free, with the new tax-free First Home Savings Account;
Mar 25, 2022 · The City of Toronto and its community partners have been awarded $201.5 million in funding through Phase Two of the federal Rapid Housing Initiative (RHI) to create more than 400 new affordable and supportive homes in Toronto.
