A safe and affordable place to call home is the foundation for building a life that people want and deserve. Having a reliable roof to live under brings stability and security, and it’s an important part of creating a better future for all Canadians. Today, the Government of Canada announced close to $44 million in funding from CMHC Rapid Housing Initiative 3 funds to help create 106 affordable homes in Toronto.
The announcement was made by the Honourable Marco Mendicino, Member of Parliament for Eglinton–Lawrence, on behalf of the Honorable Sean Fraser, Minister of Housing, Infrastructure and Communities, alongside Mike Colle, Deputy Mayor and Councillor for Eglinton – Lawrence, City of Toronto.
The new project, Frankfort Family Reena Residence, located at 165 Elm Ridge Drive, will be a 20-story building providing 106 affordable housing units for individuals and families in need of supportive, accessible, and affordable housing. Tenants of this project include individuals with developmental disabilities (autism, brain injury, down syndrome, and pervasive developmental disorder), adults with physical disabilities and mental health challenges, and seniors with cognitive decline.
Completion of the project is expected by Winter 2024.
A breakdown of funding for this project includes:
- $43.9 million under the Projects Stream of the third round of the Rapid Housing Initiative (RHI);
- $8.1 million from the City of Toronto;
- $15 million from the Reena Foundation and $15 million from Batay Reena
This is made possible by the Government of Canada’s additional investment of $1.5 billion through RHI, bringing the program’s total to $4 billion to support the country’s most vulnerable. This investment is also expected to create at least 4,500 more affordable housing units for Canadians in severe housing need across the country, with 25 percent of investments going towards women-focused housing projects.
RHI provides funding to facilitate the rapid construction of new housing and the acquisition of existing buildings for the purpose of rehabilitation or conversion to permanent affordable housing units. The additional funding for the third round of RHI will be divided into two streams: $1 billion through the Projects Stream and $500 million towards the Cities Stream.
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