TORONTO — Toronto City Council has approved recommendations in staff reports that will allocate $351 million in capital funding to 18 affordable rental housing projects, enabling construction to start in 2024 and 2025.
The city’s new Rental Housing Supply Program proposes a framework to support a range of rental homes from construction starts through completion. The program replaces the city’s Open Door Affordable Rental Housing Program. Other commitments approved in the program include piloting a Community Housing Pre-development Fund to support non-profit, co-op and Indigenous housing providers to advance new projects; implementing the City of Toronto’s income-based definition of affordable rental housing which shifts the definition of affordable from a market-based approach to an income-based one; and establishing a framework to allocate up to $260,000 per unit in capital funding for new RGI and affordable rental homes.
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