In partnership with the federal and provincial governments, City Council has agreed to support more affordable housing opportunities by allocating $103 million to four different components. The funding was provided to Toronto under the federal/provincial Investment in Affordable Housing program. Funds will be invested over four years in: housing allowances; new affordable rental construction; rental and ownership home repairs and affordable home ownership.
Housing allowances: Council allocated $53.2 million for housing allowances that will assist some 3,400 households. This program will be managed by the Shelter, Support and Housing Administration.
New affordable rental housing: Council allocated $32 million for new affordable rental construction: $16.4 million for up to 137 permanent affordable rental homes in three new buildings in Phase Two of Regent Park's revitalization and $15.6 million to Medallion Corporation for 148 new affordable homes at Finch Avenue West and Weston Road.
Home Repairs: Council allocated $11.2 million for Toronto Renovates which will begin in 2013. Approximately 330 forgivable loans of up to $10,000 will be available for lower-income seniors and persons living with a disability who own their home and require repairs, adaptations or home modifications essential to safety and the ability to live independently.
As well, approximately 330 forgivable loans of up to $24,000 per unit will be provided to eligible landlords for renovations to private rental buildings with low- to moderate-income tenants paying a maximum monthly rent of $920 for a one-bedroom apartment.
Details of eligibility for Toronto Renovates will be released later this year.
Home ownership: Council allocated $6.6 million over four years to provide 200 down-payment assistance loans to eligible families and individuals, including $3.3 million (100 loans) to Toronto Community Housing. The remaining 100 loans will be allocated through a Request for Proposals .
1/ Supplementary Report and Council Decision, February 6, 2012
2/ Staff Report – January 6, 2012
3/ IAH housing program guidelines
4/ PDF of signing release