TORONTO, Aug. 2, 2024 /CNW/ – Today, the federal government announced more than $105 million in contributions and low-cost loans through the Affordable Housing Fund (AHF) to help build and repair 5,235 affordable homes in Toronto.

The announcement was made by the Honourable Gary Anandasangaree, Minister of Crown-Indigenous Relations, and Member of Parliament for Scarborough – Rouge Park, on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities.

It took place at Gower Park Place, a 164-unit apartment building located at 10 Gower Street in East York. Operated by the VincentPaul Family Homes Corporation, the site provides affordable housing to low-income families, seniors, singles, persons with disabilities and others in need. 

During the event, Minister Anandasangaree also announced $30 million in funding for the Governing Council of the Salvation Army in Canada to repair 3,000 units across the country.

A detailed list of all the projects that received funding is provided in an appendix to this release.

Quotes:

“Everyone deserves a place to call their own and the Affordable Housing Fund is one way we’re helping make that a reality for Canadians. We will keep investing in affordable housing projects like the ones announced today, and working with partners across the country, to end the housing crisis.” – The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities 

“We’ve heard the people of Toronto loud and clear: build good homes fast, and that is exactly what we’re working to do. Today’s announcement means over five thousand new affordable units in our great city; that’s homes for students, families, and hard-working Canadians across the board. We’ll continue to be ambitious and keep building!” – The Honourable Gary Anandasangaree, Minister of Crown-Indigenous Relations, and Member of Parliament for Scarborough – Rouge Park

“To address both productivity and fairness challenges, there is no issue more important to this city and country right now than housing affordability.” – Nathaniel Erskine-Smith, Member of Parliament for Beaches–East York

Quick facts:

• The federal funding announced today is helping create a total of 206 new homes and is leading to the repairs of 5,029 homes in Toronto.
• Also announced today is federal funding for the Governing Council of the Salvation Army in Canada to repair 3,000 units across the country.
• The Affordable Housing Fund (AHF) provides funding through low-interest and/or forgivable loans or contributions to help build new affordable homes and renovate and repair existing, affordable and community housing.
• Through the 2023 Fall Economic Statement, the government announced an additional $1 billion for the Affordable Housing Fund, bringing the total funding to over $14 billion. To further support non-profit, co-operative, and public housing providers and respond to the needs of those most impacted by the housing crisis, Budget 2024 committed an additional $1 billion to the fund.
• This program under the National Housing Strategy (NHS) gives priority to projects that help people who need it most, including women and children fleeing family violence, seniors, Indigenous peoples, people living with disabilities, those with mental health or addiction issues, veterans, and young adults.
• As of March 2024, the federal government has committed $50.97 billion through the NHS to support the creation of over 146,000 units and the repair of over 286,000 units.
• To support the Government’s work to grow housing supply and address the need for more affordable and rental homes, CMHC is implementing the Frequent Builder framework.
• The Frequent Builder framework will help expedite applications for the Affordable Housing Fund and the Apartment Construction Loan Program. The Frequent Builder status is given to existing housing providers with a proven track record of building multi-residential units. Different criteria apply to Governments, non-profit and for-profit organizations to qualify for Frequent Builder status.
• Frequent Builders may receive benefits such as priority treatment, a streamlined process through intake, underwriting and approval stages, underwriting and advancing flexibilities, as well as the possibility of funding commitments for future years which will allow funding predictability and better planning for their pipeline of projects.

Additional Information:

• Visit Canada.ca/housing for the most requested Government of Canada housing information.
• CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry. CMHC’s aim is that everyone in Canada has a home they can afford and that meets their needs. For more information, follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.
• To find out more about the National Housing Strategy, please visit www.placetocallhome.ca.

Appendix: Projects receiving funding under AHF in Toronto

 

SOURCE Canada Mortgage and Housing Corporation (CMHC)

Featured Image: Deposit Photos @ Jirsak

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