TORONTO — The City of Toronto has announced new funding for 106 new rent-geared-to-income and supportive homes at 165 Elm Ridge Dr. as part of phase three of the federal Rapid Housing Initiative (RHI).
Construction is anticipated to start in December 2023, stated a release. After completion, the building will include units consisting of a mix of studios and one-, two-, three- and four-bedroom apartments. The building will also include indoor and outdoor amenity spaces.
RHI is a capital funding program that helps create new affordable and supportive rental housing for people experiencing or at risk of homelessness. The new homes are being realized through a partnership between the City of Toronto, the Government of Canada and Reena.
The supportive homes at Elm Ridge Drive will be dedicated to people with developmental and physical disabilities including seniors and older adults experiencing cognitive decline or mental health challenges. Reena will operate the building and provide around-the-clock onsite support services.
The project received $43.9 million in capital funding from the federal government. Through the city’s Open Door Affordable Housing program, the city has also committed $8.1 million in financial incentives such as waivers of development charges and planning and building fees, and annual property tax exemptions for at least 40 years.
The Reena Foundation is contributing $15 million and Batay Reena is contributing $15 million in equity.
“The Frankfort Family Reena Residence is Reena’s most ambitious residential project in its 50-year history…creating a life-changing opportunity for vulnerable individuals, including those with developmental disabilities,” stated Reena CEO Bryan Keshen in a statement.
Recent Comments
comments for this post are closed