In 2005, the Toronto Community Housing Corporation (TCHC) set out to revitalize Toronto’s Regent Park. They joined forces with The Daniels Corporation to reimagine the neighbourhood in a way that would support new development, without forsaking long-time residents.
And now, the third phase of the revitalization is coming to fruition. Yesterday, Daniels officially broke ground on Daniels on Parliament: a condominium development situated at the cusp of Regent Park and Cabbagetown. The development will include two towers -- 25 and 10 storeys in height -- and both will rise from a shared podium. And what’s more, the project has an affordability component baked in.
At yesterday’s groundbreaking, Daniels detailed its Partnership for Affordable Homeownership (PAH), an affordable homeownership program geared at current and past residents of TCHC. In order to qualify for the program, residents have to have lived in Regent Park for at least a two-year period since the Regent Park revitalization first began.
For those who do qualify, Daniels will provide down payment assistance for up to 50% of the purchase price of a new home at Daniels on Parliament in the form of a second mortgage loan for up to 20 years.
Although all loans will be interest- and monthly payment-free, there are some strings attached. All purchasers are required to attend an informative session -- dubbed Daniels Homeownership 101 -- to help prepare them for the homebuying process. Purchases will also be required to commit to a minimum of 100 volunteer hours within the Regent Park community prior to occupancy.
“We are excited to bring our latest affordable homeownership program to Daniels on Parliament. We believe it is the duty of responsible builders and developers like us to create opportunities for positive social impact and change,” says Jake Cohen, Chief Operating Officer of The Daniels Corporation. “We recognize the potential our industry has to make a real impact and with our $5M investment into this new program, we are continuing to make affordable homeownership a reality in Regent Park.”
To date, 10 individuals and families have utilized the PAH program to secure homeownership at Daniels on Parliament.
At yesterday’s event, Daniels also announced an extended partnership with Habitat for Humanity GT and BlackNorth Initiative to provide two Daniels on Parliamenthomes to Habitat Partner Families. Additionally, Daniels will be partnering with Artscape Atelier to transform the corner of Parliament and Gerrard into an artistic landmark and Ori Living to bring space-optimizing furniture solutions to 40 studio units in the forthcoming complex.
