Calling it a “once-in-a-generation investment,” the federal Liberals have committed $1.3-billion over the next decade to help Toronto Community Housing tackle a capital repair backlog.
Mayor John Tory calls it the largest such funding investment in Canadian history which will go towards repairing 58,000 affordable housing units across the city.
Under the agreement, the federal government will provide $810-million in loans and $530-million in contributions over a 10-year period.
“This investment will ensure more families have access to good homes and it will help make so many communities across Toronto even stronger,” said Tory. “It represents the very best of how our governments can work together to get things done for our residents.”
The work is scheduled to begin later this spring.
The federal government investment in Toronto is part of Canada Mortgage and Housing Corporation’s $13.2-billion National Housing Co-Investment Fund which provides low-cost loans and financial contributions to support and develop affordable housing.
“All parents want to give their children the best possible start in life, and that starts with making sure they have a safe and comfortable home,” said Prime Minister Justin Trudeau, who was on hand in Toronto for the announcement outside a TCH building on Adanac Drive in Scarborough.
“Today’s announcement is about investing in the people of Toronto, and giving them the opportunity they deserve to build bright futures for themselves, their families, and their communities.”
The CEO of the Toronto Community Housing also welcomed the federal announcement.
“The co-investment fund brings us closer than ever before to the day when all our buildings are in good repair and all our tenants live in clean, safe, well-maintained homes,” said Kevin Marshman.
Coun. Ana Bailão, the Deputy Mayor and Chair of the Planning and Housing Committee, said the “landmark funding” will ensure a better quality of life for the 110,000 people that call Toronto Community Housing home.
“Over the years, many people have said this could not be achieved, but we refused to take no for an answer and persisted. Today’s announcement is the result of the collective efforts of so many and I am grateful to the Government of Canada for taking this historic step with us.”
This is the second announcement from the Liberals concerning affordable housing in the city, after they pledged $86-million last month for a new building in Etobicoke.