The Canadian government has allocated $365 million for the construction of 767 new rental homes in Toronto.
The project’s first phase, which is now under development on an eight-acre, transit-oriented site owned by the City of Toronto, will be part of a community featuring new housing, a park, a childcare center, community space, and improvements to the public realm. Of the 767 new rental homes, 384 will be affordable and at least 20% of the units will meet accessibility standards.
The property is located directly adjacent to the Wilson Subway Station, at the northwest corner of Wilson Avenue and Wilson Heights Boulevard.
Funding provided for this project involves $350 million in fully repayable, low interest loan from the federal government, through the Apartment Construction Loan Program, $15.3 million from the federal government’s Affordable Housing Fund, and $13.5 million from the City of Toronto.
“Our government is providing Canadians not only with safe, affordable housing, but also with the jobs and opportunities they need, so they can strengthen and contribute to our communities,” said Minister of Housing, Infrastructure and Communities Nathaniel Erskine-Smith. “We are proud to support the creation of these new affordable housing units which will contribute to improve the overall well-being of people in Toronto.”
