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The Greater Toronto Area is in the midst of a housing affordability crisis as home prices continue to climb further beyond the reach of average Canadians, while existing affordable rental units fall into disrepair. As part of an ongoing effort to address the region’s aging affordable housing inventory, the National Housing Co-Investment Fund (NHCF)—the largest program of its kind in Canadian history—was launched by the federal government through the Canada Mortgage and Housing Corporation (CMHC) in May, 2018.
Last week, the government announced an almost $116 million financial commitment through the NHCF for the renovation of more than 11,332 affordable housing units in Toronto, benefiting more than 21,600 tenants. This funding announcement represents the first year of investment in the Feds' $1.3 billion partnership with the City of Toronto to support over 58,000 affordable housing units, announced by Prime Minister Trudeau earlier this year.
The announcement was held at the Griggs Manor housing complex at 100 Cavell Avenue in Etobicoke, just south of Mimico GO station. This complex was chosen specifically as a prime example of a recently completed capital renewal project that showcases the types of accessibility improvements and energy-efficiency upgrades that will now be extended throughout Toronto Community Housing Corporation's (TCHC) portfolio.
"[last week's] announcement is a clear example the federal government is back in housing. The City of Toronto has been working on a solution to the TCHC repair backlog for a decade. I am so proud to be part of a Government that's delivering real support for thousands of Toronto families," reads a statement from Adam Vaughan, Spadina-Fort York MP and Parliamentary Secretary to the Minister of Families, Children and Social Development.
The investments announced support TCHC's 2019 Capital Repair Plan, which is upgrading existing affordable rental units to ensure that they remain available well into the future. Upgrades focus on various aspects including living conditions, safety, accessibility, and comfort for tenants, and making the units more energy efficient.
"I want to thank the federal government for their commitment towards much needed repairs in 1,500 Toronto Community Housing buildings across the city. Today's announcement is a great example of when governments come together to get things done for residents and together invest in communities across the city," reads a statement from Toronto Mayor John Tory. The close to $116 million commitment made today will provide families access to good, quality homes and ensure that we are investing in people and communities that need it the most."
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