Crane and building construction site against blue sky
The City of Toronto has released a new report entitled “Launching the Rental Housing Supply Program” to advance its commitment toward the rapid creation of 65,000 rent-controlled homes by 2030. The report was developed in response to City Council’s request that staff review and recommend revisions to the existing Open Door Affordable Rental Housing program, which launched in 2016 and led to the approval of more than 21,000 affordable rental homes on public, non-profit, co-op and private land.
To advance the City’s expanded housing targets, align and build upon recent legislative changes by the Province of Ontario, and support new affordable, rent-geared-to-income (RGI), and rent-controlled homes within a broader economic context, the City is proposing a new Rental Housing Supply Program. In addition, it is calling for “immediate action” by allocating approximately $351 million in capital funding to 18 affordable rental housing projects to begin in 2024 and 2025. According to the City, this first investment under the program will “unstick” almost 6,000 new rental homes, including 2,600 affordable rental and 3,380 rent-controlled homes.
“The new Rental Housing Supply Program responds to the city’s housing and homelessness crises by supporting a shift in Toronto’s housing system to deliver more RGI, affordable rental, and rent-controlled homes, and build the capacity of the Community Housing sector (non-profit, co-ops and Indigenous housing providers),” the backgrounder reads. “It provides a framework to support a range of rental homes from inception to construction start.”
This report will be considered by the Planning and Housing Committee on Thursday, June 13. To access the six major components, visit toronto.ca.
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