TORONTO — The federal government and the City of Toronto have announced details of a $203.3-million Rapid Housing Initiative (RHI) allocation to develop affordable housing in the city.
As part of its Investment Plan for the Major Cities Stream, Toronto will be undertaking seven projects to create approximately 540 new affordable homes, a Jan. 15 release explained. The homes will be prioritized for people experiencing homelessness and the city has committed to allocate 20 per cent of the homes to Indigenous communities and an additional 20 per cent to women and girls. Other units will support seniors, youth and people of colour.
The RHI will be delivered by Canada Mortgage and Housing Corporation as part of the federal government’s National Housing Strategy.
The RHI Major Cities Stream provides $500 million in immediate support to municipalities that were identified based on highest levels of renters in severe housing need and people experiencing homelessness.
Under the Projects Stream, $500 million was available through an application-based process that closed on Dec. 31, 2020.
“As a municipal government, we are doing everything we can to address homelessness and ensure that, with the help of the federal and provincial governments, we are building urgently needed affordable housing options. By working together with other levels of government, Toronto can continue to meet its goals and build housing for some of our most vulnerable residents,” stated Toronto Mayor John Tory in a statement.