TORONTO—The federal government the Canada Mortgage and Housing Corporation (CMHC) have announced a $35 million low-cost loan to help construct 126 new rental units as part of a 15-storey development located at 2346 Weston Rd. in north Toronto.
There will also be $514,000 in funding for an elevator repair and modernization project at 33 Gabian Way, also in north Toronto, stated a July 9 release.
The Weston Road funding comes through the CMHC’s Rental Construction Financing initiative, a National Housing Strategy program that supports rental housing in expensive housing markets. The project also received funding support from the City of Toronto’s Open Door Affordable Housing Program.
The Gabian Way project was funded through the CMHC’s National Housing Co-Investment Fund.
“Seniors are an important part of our vibrant community. I am thrilled to have been able to work in partnership with 2346 Weston Road Inc. and staff at the City of Toronto to bring this project to fruition. Once built, this building will offer affordable accommodations and ensure that seniors in our community have a safe and welcoming home,” said Councillor Frances Nunziata (York South-Weston) in a statement.