Toronto Mayor Olivia Chow announced on Monday that the City will receive federal funding to create 43 new deeply affordable and supportive homes, marking the third phase of the Rapid Housing Initiative.
Those housing projects will be located at 7 Vanauley Street and 393 Dundas Street East, and will be developed and operated by the YMCA of Greater Toronto and Jude Community Homes, respectively.
“Projects like 7 Vanauley St. and 393 Dundas St. E. demonstrate how we can partner to quickly build stable, supportive housing for people who need it,” said Mayor Chow.
Monday's announcement closely follows the release of the City’s latest housing report, which includes 22 recommendations for ‘transforming’ Toronto’s housing system and bringing more affordable stock to market. The report is set to be considered by City Council on November 8.
Within that report, there are numerous calls to the provincial and federal governments to step up their involvement in housing creation in Toronto. This includes a request for the federal government to invest in future phases of the Rapid Housing Initiative.
It also lays out a public development model that would see City-led affordable housing projects fast-tracked.
In speaking to the press, Chow called the report a roadmap to “generational change” that will shift how the city delivers housing and what kind of housing it prioritizes. The City has financing in place to build 4,500 units at present. With more involvement from other levels of government, Chow's hope is for an additional 17,000 units to be built over the next three years.
The report calls for billions of dollars in federal and provincial government grant funding, as well as low-cost financing and re-payable loans, which would be put towards affordable housing creation. Chow indicated that some of the capital could be used to buy up existing housing stock from building owners who are struggling to make ends meet. In turn, this could help prevent some demovictions and renovictions, she also noted.