The federal government has pledged billions of dollars in low-cost financing to help build thousands of rental homes in Toronto, including more than 1,000 affordable units.
Ottawa says it will provide $2.555 billion in funding through its apartment construction loan programme for management by Canadian Mortgages and Housing Corporation.
The city says the money will be directed to building more than 4,800 rental housing, of which at least 1,075 will be affordable homes.
Meanwhile, Toronto said it would offer financial incentives of nearly $235 million, including development fees, fees and property tax relief.
The city says the newly announced low-cost loans will speed up seven rental housing projects set for construction by the end of next year.
These projects are expected to include at least 20% affordable rentals.
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Toronto Mayor Olivia Chow said the “groundbreaking agreement” would help reduce barriers to building housing and ensure affordable homes “for future generations.”
