Canadian Mortgage News

February 2009 National News Archive

Toronto gets $4.34 Million Boost for Affordable Housing

TORONTO, Ontario, February 10, 2009 — The Government of Canada, the Government of Ontario and the City of Toronto today announced $4.34 million in funding that will help to create 62 new affordable rental homes for seniors under the Canada – Ontario Affordable Housing Program.

The announcement was made by Jim Flaherty, Finance Minister and Minister Responsible for the GTA, on behalf of the Honourable Diane Finley, Minister of Human Resources and Social Development Canada and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC); Laurel Broten, MPP for Etobicoke – Lakeshore, on behalf of the Honourable Jim Watson, Minister of Municipal Affairs and Housing; and Councillor Giorgio Mammoliti, Chair, Affordable Housing Committee, City of Toronto, on behalf of Mayor David Miller.

“The Government of Canada is committed to making affordable housing available in Ontario and across Canada for those who need it most,” said Minister Flaherty. “These seniors in Toronto will now have access to quality, affordable housing and the services that meet their specific needs, while remaining close to their families and friends in the community.”

“Access to safe, affordable housing is vitally important to the economic and social well-being of Ontario’s communities,” said MPP Broten. “Through this allocation to the City of Toronto, the McGuinty government is renewing its commitment to work with our housing partners to grow the supply of affordable housing.”

The City of Toronto is investing an additional $3.2 million, as well as waiving development charges and property taxes.

"I'm proud that we are able to provide much needed affordable housing for Torontonians as well as create jobs," Coun. Mammoliti said. "By working together, all orders of government are making Toronto a city that is liveable, prosperous and provides opportunity to all residents."

The $4.34 million allocation to Toronto will help fund the conversion of a former chronic-care facility into seniors housing at 717 Broadview Ave. The development is being led by Toronto Community Housing Corporation.

The Canada – Ontario Affordable Housing Program comprises a commitment of $301 million from the federal and provincial governments. In total, the federal, provincial and municipal governments will invest at least $734 million in the program, which will provide affordable housing for 20,000 households in Ontario.

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News source: Canada Mortgage and Housing Corporation (CMHC)