TORONTO—Developer Castlepoint Numa Inc. and WoodGreen Community Services have announced a partnership to develop 300 to 400 new affordable housing units in Toronto.
The partners will move on four projects slated for completion in the next three to 10 years, providing rental housing for the low- and middle-income segments of the market, stated a Nov. 22 release.
The units will be priced at about 80 per cent of average market rent in Toronto and they are being delivered without any direct government subsidy. Under a memorandum of understanding Castlepoint Numa and its partners will retain ownership with WoodGreen participating in the delivery and management of the units.
Agreements were reached with the City of Toronto on waterfront sites for affordable housing.
The first project will be a 108-unit rental building with 10 to 15 affordable apartments located at 72 Perth Ave. It is scheduled for completion in the fourth quarter of 2024.
“Castlepoint Numa and WoodGreen have jumped ahead of the curve of inclusionary zoning, with these new units committed before the legislation takes effect,” said Alfredo Romano, president of Castlepoint Numa, in a statement. “The private sector has to be fully engaged if we’re going to move the needle.”
“Our focus is to achieve the best possible outcomes for a diverse mix of tenants who face economic, social and health-related barriers to accessing and retaining affordable housing,” said Anne Babcock, CEO and president of WoodGreen. “We want to demonstrate that strategic partnerships of this kind can have a significant and lasting impact on people’s lives.”
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