Peter Milczyn, Minister of Housing and Minister Responsible for the Poverty Reduction Strategy, was in Toronto today to announce Ontario’s plan to invest in new Toronto rental housing – specifically, funding toward development charge rebates for developers looking to build high-rise, mid-rise and townhouse rental housing.
“It is important that people in Ontario have an affordable place to call home, regardless of their housing needs or where they live in Toronto,” he said. “More rental housing means more options when looking for a home, all while creating vibrant communities.”
The City of Toronto will receive $60 million to encourage the construction of complete communities that are accessible, livable, walkable, and close to transit and other services. The funding is part of a five-year program to rebate up to $125 million in development charges, a source of income often used by municipalities to help pay for infrastructure needed to meet the increased demand.
The Minister also announced the successful developers that were selected to develop surplus provincial land in the Thistletown area, West Don Lands, and vacant land near Yonge and College streets:
• Dream, Tricon and Kilmer Group will turn two vacant lots in the West Don Lands into mixed income rental homes for nearly 1,450 individuals and families, including retail space and a community hub.
• Canadian Real Estate Investment Trust (CREIT) and Greenwin Inc. will transform a site between Grenville and Grosvenor streets into a family-friendly mixed income community, with approximately 700 rental units, retail space and a daycare.
Each site is close to transit and employment, and will have 30 per cent of the units dedicated to affordable housing.
“To keep Toronto affordable for people of all ages and income levels, we need all governments working together to take real action on affordable housing,” said Mayor John Tory. “By answering our call to make surplus provincial lands available for the development of new affordable housing, the Province is demonstrating its commitment to cooperation and helping the City of Toronto address our residents’ housing needs.”