Toronto residents now have a chance to qualify for affordable rental housing at the shiny new development occupying the former Honest Ed's site: Mirvish Village.

The sprawling multi-tower, mixed-use development at Bloor and Bathurst Streets has a total of 37 units below-market-rate units being made available through a lottery system. Ranging from studios as small as 444 sq. ft to three-bedrooms up to 1,048 sq. ft., the rentals are priced delightfully low by Toronto standards.

But, of course, not everyone can apply. To qualify, applicants' income will have to fall below a certain threshold. Those who want a studio, priced at $1,004 per month, must earn less than $48,192 annually. Households wanting a three-bedroom, priced at $1,608, cannot earn more than $77,184 per year.

mirvish village affordable rentals pricesMirvish Village

Notably, rental costs do not include utilities, which will be the responsibility of the tenant.

Interested renters can submit an application through an online portal from now through March 6. Once the portal closes, applications will be selected randomly to fill the 37 units, with move-in expected to take place in May.

The available units are located in buildings 3 and 4 of the development, both entirely smoke-free and both fronting onto Bathurst Street. According to the Mirvish Village website, each building is equipped with a slew of amenities, including a lounge, co-working space, a gym, a rooftop terrace, and an outdoor children's play area. There are also communal amenities for residents of any building to use, including a rooftop pool.

READ: Below-Market Rentals are Coming to Mirvish Village… But Who Will Actually Get One?

If an application is selected in the draw, the applicant will be contacted and asked to fill out a more thorough form. If that's then approved, they'll be notified and provided with details on the home and given a move-in date. The Mirvish Village website cautions that multiple applications made by the same person are not allowed and can disqualify an applicant from the process.

The 37 units available in the lottery system aren't the only affordable homes being made available at Mirvish Village. An additional 48 homes are being allocated by community non-profit partners including Blackhurst Cultural Centre in partnership with WoodGreen Community Housing, Community Living Toronto, Kehilla Residential Programme, and Wigwamen. Each partner has been given 12 rentals which they will provide referrals for based on their individual criteria.

The total 85 affordable units are part of Toronto's Open Door housing program, which gives financial incentives such as tax relief and fee exemptions to developers building affordable housing.

Another 15 units in the development are expected to be leased at 80% of average market rents, with an additional 266 rental units leased at rates no higher than 30% of the median household income. The latter will be available on a first-come, first-served basis once the building is complete, a spokesperson for developer Westbank told STOREYS in September.