The federal government has announced a significant financial initiative, offering $2.25 billion through its Apartment Construction Loan Program to support the development of rental units in Toronto, including affordable housing. This decision follows the Toronto city council's recent approval of incentives for builders, including tax relief for projects that meet affordability criteria. Mayor Olivia Chow called the agreement historic, as it marks a new level of collaboration between federal and local authorities to address housing shortages exacerbated by high interest rates and economic uncertainty, particularly in terms of stalled construction projects.
This agreement says together we are stronger. Partnership is what it takes. It’s historic because it’s the first time the federal government has been willing to batch all the projects together.
Mayor Olivia Chow emphasized that this landmark agreement will reduce barriers to building housing and help secure affordable homes for generations to come.
The financing will support more than 4,831 rental homes in Toronto, with at least 1,075 of those being offered at below-market rents, addressing pressing housing needs.
The announcement follows a series of financial incentives approved by the Toronto city council aimed at stimulating the construction of rental units.
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