The investment is made possible by the feds' Affordable Housing Fund, and will go towards the repair and creation of 5,235 affordable homes in Toronto.The federal government announced a major investment in Toronto’s affordable homes on Friday morning. The government said it would offer more than $105M in contributions and low-cost loans through the to help build and repair 5,235 affordable homes in the city.
On behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities, the Honourable Gary Anandasangaree, Minister of Crown-Indigenous Relations, and Member of Parliament for Scarborough – Rouge Park, detailed the initiative. He highlighted how the federal funding would help to create a total of 206 new homes and lead to the repairs of 5,029 homes in Toronto.
Through the 2023 Fall Economic Statement, the government announced an additional $1B for the AHF, bringing the total funding to over $14B. To further support non-profit, co-operative, and public housing providers and respond to the needs of those most impacted by the housing crisis, Budget 2024 committed an additional $1B to the fund.