Ontario Construction News staff writer
The federal government has announced more than $365 million to support the construction of 767 new homes in Toronto.
โThis development will provide hundreds of Toronto families with new homes. Itโs an example of how the federal government and city are working together to build more homes close to transit,โ said Mayor Olivia Chow.
Phase one of the development is being built on a prime eight-acre, transit-oriented site at 50 Wilson Heights Boulevard, steps from the Wilson Subway Station.
The new housing project will include a total of 767 rental units, with 384 of them designated as affordable housing. Also, the project will adhere to minimum accessibility standards, with 20 per cent of the units are fully accessible to those with mobility challenges. The development will also feature a park, a childcare center, and community spaces, contributing to the broader goal of creating a complete and inclusive community.
The funding breakdown for the project is as follows:
- $350 million from the federal government in the form of a fully repayable, low-interest loan through the Apartment Construction Loan Program (ACLP)
- $15.3 million from the federal government’s Affordable Housing Fund (AHF)
- $13.5 million from the City of Toronto, including credits for the Housing Now initiative, development charge waivers, and deferred land lease payments
This project is part of the federal governmentโs broader commitment to solving Canadaโs housing crisis, ensuring that Canadians have access to affordable, safe homes for today and future generations.
โWith shovels already in the ground, the 50 Wilson Heights Boulevard development is well on its way to bringing a new community to York Centre. We are proud to bridge the public and private sectors for this important housing project,โ said Vic Gupta, CEO, CreateTO.
This project highlights government investment and collaboration between all levels of government and the private sector to deliver housing solutions that meet the needs of the community.