Canada's Economic Action Plan

Canada's Economic Action Plan
Government of Ontario

Government of Ontario
City of Toronto

City of Toronto
Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

July 14, 2011 09:00 ET

Governments of Canada and Ontario Celebrate New Affordable Housing in Toronto

TORONTO, ONTARIO--(Marketwire - July 14, 2011) - Construction is underway for 237 new affordable rental housing units for low-income seniors and persons with disabilities in Toronto. The project received more than $28.4 million in funding from the federal and provincial governments. In addition, York Centre received more than $9.3 million over the last two years for the repair of 1,809 existing social housing units.

Mark Adler, Member of Parliament for York Centre, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), and Monte Kwinter, Member of Provincial Parliament for York-Centre, on behalf of the Honourable Rick Bartolucci, Ontario's Minister of Municipal Affairs and Housing, along with James Pasternak, Councillor (Ward 10 York Centre), City of Toronto, made the announcement.

"Through Canada's Economic Action Plan, our Government remains committed to giving a hand-up to those who need it most," said MP Mark Adler. "Funding projects like these ones will not only improve the quality of life of its residents by keeping their homes safe and affordable, but it will also help stimulate the local economy and create the conditions for long-term growth."

"I'm proud to celebrate this project alongside our federal and municipal partners," said MPP Kwinter. "This development will provide many people living in this community a place to call home. And with funding towards renewable energy initiatives, existing social housing will be upgraded so that the future of our planet is that much brighter."

"On behalf of the Mayor and City Council, I want to congratulate Patricia and Bathurst Developments and B'nai B'rith Canada for joining forces to build affordable rental homes that will help meet the needs of seniors and people with disabilities in my community," said Councillor Pasternak. "I'm also thrilled that many residents have benefited from upgrades and repairs to existing social housing over the past two years. We will never forget our neighbours, friends and families who helped build this country and it is our responsibility to ensure they have affordable and dignified housing."

The 237-unit project located at 485 Patricia Avenue received more than $28.4 million. The federal and provincial funding is complemented by more than $3.2 million in municipal financial incentives.

The Government of Canada wants to ensure that Canadians on fixed incomes can live with independence and dignity and remain in their communities, close to family and friends. Canada's Economic Action Plan provides $475 million, over two years; to build new rental housing for low-income seniors and persons with disabilities and $850 million over two years for the renovation and retrofit of existing provincially/territorially administered social housing. Overall, the Economic Action Plan includes $2 billion for the construction of new and the renovation of existing social housing, plus up to $2 billion in low-cost loans to municipalities for housing-related infrastructure. Canada's Economic Action Plan builds on the Government of Canada's commitment in 2008 of more than $1.9 billion, over five years, to improve and build new affordable housing and help the homeless.

Ontario continues to build new affordable housing and repair existing units for Ontarians with housing needs. Since 2009, the provincial government has provided nearly $183 million to build new rental housing units for low-income seniors and persons with disabilities. Ontario's overall investment of over $2.5 billion has translated into the construction and repair of more than 270,000 housing units and the provision of 35,000 rent supplements for Ontario families on fixed incomes. The province's Long-Term Affordable Housing Strategy sets a strong foundation for a more efficient, accessible affordable housing system in Ontario.

Affordable housing is a key component of Ontario's Poverty Reduction Strategy. Download a copy of the Government of Ontario's Long-Term Affordable Housing Strategy. To find out more about affordable housing in Ontario, visit www.ontario.ca/housing.

More information on this and other measures in Canada's Economic Action Plan can be found at www.actionplan.gc.ca. To find out more about how the Government of Canada and CMHC are working to build stronger homes and communities for all Canadians, call CMHC at 1-800-668-2642 or visit www.cmhc.ca/housingactionplan.

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