Today, the Government of Canada and the City of Toronto announced investments to build more homes and address encampments.
The federal government announced up to $2.55 billion in low-cost loans through the Apartment Construction Loan Program (ACLP) to help build more than 4,800 rental units, including at least 1,000 affordable rental units. The City of Toronto will provide approximately $234.83 million in estimated value of City benefits for these affordable and purpose-built rental homes. This ambitious partnership will drive down the cost of building by providing low-cost federal financing, conditional on the City of Toronto providing relief on development charges, fees and property taxes, to help build more homes, faster.
Today's announcement is in addition to the recent $975 million investment, which includes $325 million from the Government of Canada, to accelerate the delivery of Waterfront Toronto's revitalization plan that will contribute to creating over 14,000 new homes along Toronto's Waterfront at Quayside and Ookwemin Minising.
Responding to homelessness
The Government of Canada and the City of Toronto also announced their continued commitment to supporting people experiencing unsheltered homelessness, particularly in encampments. Under the Unsheltered Homelessness and Encampments Initiative (UHEI), the federal government is providing $25.8 million over two years and the City of Toronto will contribute $400 million.
Under Reaching Home's Designated Communities stream, the federal government is also allocating an additional $62.7 million to the City of Toronto through Budget 2024 funding, which is helping service providers in Toronto prevent and reduce homelessness.
