Another 3,200 affordable housing subsidies are expected to be funded in Toronto.
The Planning and Housing Committee is expected to approve a funding plan for the housing subsidies over the next three years.
Around $160 million in federal and provincial funding will be earmarked for the project under the Canada-Ontario Community Housing Strategy Initiative (COCHI) and the Ontario Priorities Housing Initiative (OPHI).
Mayor John Tory announced the plan Wednesday morning alongside Deputy Mayor and Chair of the Planning and Housing Committee Ana Bailao. He called it another example of how all levels of government can work together to ensure people have access to affordable housing.
The COCHI uses capital funding to support community housing, repair and renovate building systems and also for operation funding for rent supplements or transitional operation funding.
The city staff report recommends allocating most of the federal funding to operations to “secure long-term affordability for residents” using rent-geared-to-income assistance in social housing projects.
The OPHI will provide housing allowance and rent supplement projects to make rent more affordable for tenants in existing rental buildings.
Mayor Tory adds this new investment will expand the total number of households in Toronto receiving housing allowances to 8,600.
The plan will go before council on July 16.