Federal government announces support for Rapid Housing in Toronto
Ontario Construction News staff writer
Officials have announced details of the $203.3 million Rapid Housing Initiative (RHI) allocation for Toronto.
As part of its Investment Plan for the Major Cities Stream, Toronto will be undertaking seven projects to create approximately 540 new affordable homes.
These new 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 racialized communities.
With the $1 billion RHI, the federal government will support the construction of up to 3,000 permanent, new affordable housing units across Canada to help address urgent housing needs for Canadians, especially the most vulnerable.
Delivered by CMHC, under the National Housing Strategy (NHS), RHI provides the necessary capital contributions to develop new, permanent affordable housing by covering costs associated with modular multi-unit rental construction; conversion of non-residential to affordable multi-residential; and, rehabilitation of buildings in disrepair and/or abandoned to affordable multi-residential.