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Toronto considering buying lakefront condos for affordable housing

The city is considering buying lakefront condos for affordable housing.

In a motion that will go before Toronto’s Affordable Housing Committee on Tuesday, the city will contribute $15 million in capital funding for the construction of approximately 71 affordable rental homes in the Bayside Development, near Queen’s Quay.

The total cost is estimated at $22.5 million, which includes $7.5 million in equity and mortgage financing from a non-profit owner operator.

Click here to read the full motion.

The homes would be inside the $1.1 billion building from developers Hines and Tridel, and will have similar views to market-rate units, the Toronto Star reports.

A non-profit or co-operative company will operate the units.