Ontario Construction News staff writer
Toronto released a report last week, updating progress on HousingTO 2022-2023, a 10-year plan.
The report highlights actions taken in 2022 and up to June 2023 including the:
- Completion of 1,082 net new affordable and supportive homes for people experiencing or who are at risk of homelessness
- Approval of 3,340 net new affordable rental homes
Allocation of more than 3,300 housing benefits through the Canada-Ontario HousingBenefit (COHB) program to help people maintain their homes - Allocation of $46 million in funding through the Multi-Unit Residential Acquisition (MURA) program for non-profit organizations to acquire and permanently secure approximately 260 affordable rental homes
- Launch of new digital dashboards to increase transparency and accountability and to track the city’s progress towards advancing the HousingTO Plan on a public platform
A major partnership initiative proposed in the report is aimed at supporting the creation of new non-profit co-operative (co-op) homes while ensuring existing co-ops continue to be safe, secure and affordable.
“We will continue to do everything we can to address the housing crisis. The 2022-23 Progress Update on the HousingTO 2020-2030 Action Plan reminds us that we can build more affordable homes when all orders of government work together,” said Mayor Olivia Chow.
If approved, the city will sign a Memorandum of Understanding (MOU) with the Co-op Housing Federation of Toronto (CHFT) and their new development arm, CHFT Development Society Inc. (CDSI), to preserve existing homes, identify opportunities to add net new homes and modernize the governance structures of co-ops. This MOU is a significant step in strengthening the City’s partnership with the co-op sector and increasing the stock of permanent, affordable rent-geared-to-income homes.
Addressing Toronto’s complex housing challenges requires a “whole-of-government and whole-of-community” approach, the report states.
“Increasing the housing supply in Toronto requires new policies, programs and financial tools from all orders of government, as well as participation from the Indigenous, non-profit and private sectors.
“The city has made significant financial investments demonstrating its leadership and commitment to improving the housing situation in Toronto.”
The HousingTO Plan calls on the federal, provincial and municipal governments to invest a combined $33.2 billion over 10 years with the following investment breakdown:
- City investment of $14.6 billion ($8 billion already committed)
- Federal request of $10 billion ($2.3 billion already committed)
- Provincial request of $8.6 billion ($1 billion already committed)