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The federal government is pledging $2.7 billion over three years to build more than 18 housing projects across the city of Toronto, Prime Minister Mark Carney announced Wednesday.<\/p>\n
The plan includes 5,600 rental homes, 1,800 of which will be “deeply affordable,” supportive or rent-controlled, according to Carney. He said 4,500 new homes will be under construction by year’s end.<\/p>\n
He said the projects will take place in neighbourhoods hardest hit by rising rent and evictions, and will include a 16-story complex in Parkdale and another in Scarborough at 158 Borough Drive.<\/p>\n
“For generations people have come from every single corner of the earth to build a life here in Toronto,” Carney said at a news conference Wednesday afternoon. “Crucial to this is to build a healthy rental market for every kind of renter.” <\/p>\n
Mayor Chow said the buildings will bring housing security to thousands of people. <\/p>\n
“If you work here, you should be able to afford to live here,” she said.\u00a0\u00a0<\/p>\n
“If your rent is too high, if you’re looking for more space to raise a family, if you’ve been waiting for affordable housing for years \u2014 it’s coming.” <\/p>\n
Funding broken into 2 channels<\/p>\n
Projects will be divided into two channels, Carney said.<\/p>\n
The first is non-market, non-profit housing, delivered through\u00a0Build Canada Homes, a federal agency aimed at building affordable housing. This includes more than $310 million to advance nine projects on city-owned land, he said. This means 1,900 homes, with more than 700 of them meeting the definition of affordable\u00a0housing. <\/p>\n
The second channel is market-rate housing \u2014 homes built by the\u00a0private sector and backed by “attractive” financing, Carney said. This includes more than $1.8 billion in federal funding for low-cost\u00a0financing for nine projects, resulting in 3,700 new\u00a0 homes, more than 1,000 of which will be affordable. <\/p>\n
“All of these projects had been approved in the past \u2026 all of them were stalled for want of financing, until today,” Carney said. <\/p>\n
The prime minister said the buildings will bring housing security to thousands of people, and referred to them as “not luxury condos but rather places people can afford.”\u00a0<\/p>\n
“The fact is that too many Torontonians have been struggling to afford their rent,” Carney said.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Listen to this article Estimated 3 minutes The audio version of this article is generated by AI-based technology.…\n","protected":false},"author":2,"featured_media":847348,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[49,48,44],"class_list":["post-847347","post","type-post","status-publish","format-standard","has-post-thumbnail","category-canada","tag-ca","tag-canada","tag-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/847347","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=847347"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/847347\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/847348"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=847347"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=847347"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=847347"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}