Federal Housing Investment Announced

Federal Housing Investment Announced

This week, the Government of Canada made a major commitment towards addressing the critical need for affordable housing in Toronto.  Prime Minister Justin Trudeau stood with Mayor John Tory to announce $1.3-billion in funding – the largest federal housing investment with a municipal partner in Canadian history – to support the renovation of 58,500 Toronto Community Housing units in 1,500 buildings across the city.

Since the creation of TCH in 2001, the City has been working on commitments from other levels of government to address the ballooning back-log of needed repairs.  Without a sufficient, long-term source of funding, thousands of units have fallen into poor condition, or needed to be closed completely.  The back-log of repair costs was expected to reach up to $3-billion by 2028.

This commitment, to be implemented over 10 years, comes in addition to the $313-million building capital renewal plan from TCH already in place this year.  Renovations made possible by this commitment will begin in this spring, ensuring these units remain available for those in need.

This investment is part of the Government of Canada’s National Housing Strategy launched in 2017 created to reduce homelessness and improve the availability and quality of housing.

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