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$24 Million Allocated for Affordable Housing in City of Toronto

TORONTO, Ontario, February 26, 2004 — A $24 million allocation under the Canada-Ontario Affordable Housing Program will assist with the construction of 903 units of affordable housing by the private and non-profit sectors for low- to moderate-income households in the City of Toronto.

The announcement was made today by the Honourable Joseph Volpe, Minister of Human Resources and Skills Development, the Honourable David Caplan, Ontario's Minister of Public Infrastructure Renewal, and Toronto Mayor David Miller.

The allocation to Toronto is part of more than $56 million in allocations made today under the Canada/Ontario Affordable Housing Program.

"As minister responsible for Ontario, I am proud that this federal government has on many occasions repeated its belief in making a difference in the lives of those Canadians who need it most," said Minister Volpe. "The Government of Canada is committed to continue working in partnership with provincial, territorial and local governments to provide affordable housing for communities here in Toronto and across the country."

"The McGuinty government will play a prominent role in supporting and building affordable housing for families in need," said Minister Caplan. "We are committed to strengthening our vital communities by providing more affordable housing."

"We welcome much needed federal and provincial investments in new affordable housing, and we look forward to increased investment in the future," said Mayor Miller. "All levels of government must work together with non-profit agencies and the private sector to create real housing solutions."

The $24 million allocation to the City of Toronto includes:

The 9 projects will be developed in partnership with private (6 projects - 792 units) and non-profit (3 projects - 111 units) developers, the City of Toronto's Let's Build program, and the provincial and federal governments.

Today's allocation from the Government of Canada and the Government of Ontario will be complemented by a Toronto City Council decision to allocate more than $8 million in low interest loans from the City's Capital Revolving Fund for affordable housing, $2 million in development charge and planning fee waivers and over $17 million in property tax waivers over ten years. Community contributions to the 3 non-profit projects total $4.7 million.

In the City of Toronto, the Government of Canada, through Canada Mortgage and Housing Corporation (CMHC), has contributed $22 million through the Canada-Ontario Affordable Housing Program Agreement.

The pilot project is part of a five-year commitment that will create affordable housing units in Ontario. This partnership combines Government of Canada funding of $245 million with matching contributions of the Government of Ontario, municipalities and other private and non-profit partners.

For further information please contact:

Mary Johnson
Office of Minister of State Scott
(613) 952-1684

Ross Parry
Office of Minister Caplan
(416) 325-1657

Sean Goetz-Gadon
Special Housing Advisor, Mayor of Toronto
416-338-1143

Andrea Addario
Office of Mayor David Miller
416-338-7119
416-738-4329 (cell)

For more information visit:
www.mah.gov.on.ca
www.toronto.ca