TORONTO — The Canada Mortgage and Housing Corporation (CMHC) announced the construction and funding of 259 new rental housing units in Toronto recently.
The federal government, through CMHC’s Rental Construction Financing initiative, is investing $89 million for the construction of Terraces of Princess Gardens, a 16-storey building that will provide safe and affordable homes.
The majority of the units will have rents at or below 30 per cent of median household income in the area and at least 10 per cent of the units will be accessible, indicates a release. The project will provide affordable housing options close to public transit, schools and services for middle-income families.
“This $89 million federal government commitment to our community will make a significant difference in providing a home and hearth for those worried that they can’t afford a roof over their heads,” said Borys Wrzesnewskyj, MP for Etobicoke Centre, in a statement.
“By increasing access to affordable housing, we are building stronger and healthier communities in a difficult Toronto housing market. This investment provides more affordable housing options for middle-class families right here in Etobicoke Centre, close to public transit and our great local schools.”