TORONTO — Toronto developers Hazelview Investments and Fitzrovia have made their second of five annual payments toward a total of a $17 million in grants and loans that are intended to fund the development of at least 180 affordable housing units in the city of Toronto.
The recipient of the funds is Community Affordable Housing Solutions (CAHS), a Toronto-based land trust. CAHS has recently announced plans to invest the $6.8 million received to date to create 40 affordable ownership units in a future community at St. Clair Avenue and Caledonia Road; 21 affordable rental co-op units in a new community near Symington Avenue and Dupont Street; and 61 affordable rental co-op units in a new community near Lakeshore Avenue and Windermere Avenue.
CAHS was created from a collaboration between the developers, the City of Toronto, Habitat for Humanity GTA, St. Clare’s, and the community group Build a Better Bloor Dufferin.
At least half of the funds will be allocated within Toronto’s Ward 9 – Davenport in the neighbourhood of the mixed-use development planned at Bloor and Dufferin.
Other possible benefits will be a 56-unit affordable housing residence to be constructed by the developers and conveyed to the City of Toronto, and a 30,000-square-foot community hub including an 8,000-square-foot childcare centre to be built within the retained Kent School and conveyed to the City of Toronto.
There will also be a 3,580-square-metre public park created and a below-grade pedestrian tunnel connection to the existing Dufferin St. subway station.
“We are committed to the guiding principles of this project, which include delivering a range of housing types to meet the needs of a growing and diverse population and encouraging community health and well-being,” said Michael Williams, a managing partner with Hazelview, in a statement.
“We are proud of the innovative approach that was taken to develop this historic land trust, and believe that working creatively with partners, like Habitat for Humanity GTA, is important as we work together to build sustainable cities.”