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Canada and Toronto Announce $2.8 Billion Plan to Build Over 4,800 Rental Units

The initiative includes federal loans, municipal incentives, and funding for homelessness reduction and urban infrastructure projects.

Toronto says nearly all its recreation centres and all its 39 city-operated child care centres will close if workers strike next week. The Toronto skyline is seen on Monday, Aug. 5, 2024. THE CANADIAN PRESS/Chris Young
A new condo development is constructed in Toronto, Friday, Feb. 23, 2023. THE CANADIAN PRESS/Chris Young

Overview

  • The Government of Canada is providing $2.55 billion in low-cost loans through the Apartment Construction Loan Program (ACLP) to build over 4,800 rental units in Toronto, including at least 1,075 affordable units.
  • Toronto will contribute $234.83 million in financial incentives, such as relief from development charges, fees, and property taxes, to support the construction of these units.
  • Seven housing projects are expected to begin construction by the end of 2026, with at least 20% of units designated as affordable rental homes.
  • The federal government is allocating an additional $62.7 million through the Reaching Home program and $25.8 million under the Unsheltered Homelessness and Encampments Initiative to address homelessness in Toronto.
  • A $200 million federal investment will support the Broadview Eastern Flood Protection project, contributing to urban infrastructure and housing development.