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Monday, July 22, 2024

Federal government announces a $1.2 billion loan support to boost the rental construction housing in Toronto

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The Canadian federal government has unveiled a $1.2 billion investment in the form of low-interest repayable loans to support the construction of over 2,600 rental homes in Toronto.

This funding will be allocated to seven projects through the Rental Construction Financing Initiative, aiming to create a total of 71,000 new rental units nationwide by 2027-28.

Finance Minister Chrystia Freeland emphasized the significance of investing in the Toronto housing market, aligning with the city’s strategy to build 65,000 rent-controlled homes by 2030.

The federally supported projects span various locations, contributing to Toronto’s efforts in addressing housing affordability challenges.

The seven projects receiving federal support, as announced by the government, include:

  • 855 rental homes at 373 Front Street East, with an investment of $444 million;
  •  484 rental homes at 94 Eastdale Avenue, with an investment of $215 million;
  •  389 rental homes at 55 Broadway Avenue, with an investment of $165.4 million;
  •  390 rental homes at 325 Moriyama Drive, with an investment of $130 million;
  •  233 rental homes at 1555 Queen Street East, with an investment of $126 million;
  •  225 rental homes at 610 Martin Grove Road, with an investment of $93.7 million; and,
  •  68 rental homes at 650 Kingston Road, with an investment of $34.1 million.

 Additionally, Freeland commented on the federal government’s participation in a “new deal” working group focused on Toronto’s long-term finances. This group, consisting of local and provincial officials, aims to develop a sustainable and reliable funding plan for the city, currently facing a $1.5 billion operational shortfall. The working group is expected to present an interim report at the end of this month.

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