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Finding affordable housing in Toronto, especially housing that is in good condition, can be a daunting task. The wait list for affordable housing continues to climb and a backlog of repairs is putting additional stress on an already overloaded system. Amid the redeveloped Regent Park neighbourhood, the federal and provincial governments announced new funding for affordable housing on Monday to try to combat these issues.
A combined investment between the two governments of more than $801 million over five years has been pledged and will be delivered through an extension to the Investment in Affordable Housing (IAH) 2011-2014 agreement. The IAH is an initiative between the federal government and all provincial and territorial governments, with the combined investment for the framework totalling $1.4 billion, including a $716 million contribution from the Government of Canada. The federal portion of the new funding derives from Economic Action Plan 2013, which represents an extension to the IAH of five years and $1.25 billion nationally.
The initial IAH announced in 2011 amounted to a combined total of $481 million for Ontario over five years. The new funding announced on Monday will extend the IAH another five years to 2019. Since April 2011, the IAH has assisted nearly 17,800 households in Ontario and 183,600 households across the country.
"Our Government remains committed to smart investments in housing to create better economic outcomes for the Canadian families who benefit from these programs," said the Honourable Candice Bergen, Minister of State for Social Development. "By partnering with the provinces and territories we want to ensure that this investment improves the quality of life of low-income Canadians, and creates needed jobs and opportunities for apprentices."
The announcement was made in Regent Park at 40 Oaks, an affordable housing project of the Toronto Christian Resource Centre. The project provides 87 units of affordable housing and is supported by over $6 million through the Canada-Ontario Affordable Housing Program.
The IAH gives the Government of Ontario flexibility in determining how the money is spent. The funding does not have to go towards building new housing projects, it can also be used to renovate existing units and improve housing affordability by providing rent supplements and other assistance. A portion of the funding will be directed to Aboriginal off-reserve households, with seniors, persons with disabilities, and victims of domestic violence included as priority groups.
"The renewed partnership between Canada and Ontario will help improve access to safe, suitable affordable housing," said the Honourable Ted McMeekin, Ontario's Minister of Municipal Affairs and Housing. McMeekin said the funding would be used to build new housing and renovate existing units, also stating that 10,000 units of affordable housing are either currently being built or renovated.
Click here for more information on the Investment in Affordable Housing agreement. You may leave a comment in the space provided below.
