Governments of Canada and Ontario Support Home Ownership for Low Income Families in Toronto
December 7, 2016 11:00 A.M.
$865,000 Funding for Canada-Ontario agreement for Investment in Affordable Housing
Ministry of Housing
Toronto, ON -- The Governments of Canada and Ontario announced today federal and provincial program funding that will assist low-income Toronto residents in purchasing a home.
The up to $865,000 in funding, allocated through the Canada-Ontario agreement for Investment in Affordable Housing, will assist lower-income residents in purchasing a condominium at The Village by Main Station, a project by non-profit housing developer Options for Homes.
Options for Homes strives to make home ownership available to those in the Greater Toronto Area and Southern Ontario by providing affordable, quality housing. As part of the purchasing requirement, eligible families will require a down payment that will range from zero to five per cent of the purchase price of the condominiums which will be at or lower than the market price of similar condominiums.
Occupancy for The Village by Main Station is slated to begin in Fall 2018.
Since 2003, more than $1.2 billion has been provided by the Governments of Canada and Ontario in total assistance for affordable housing in Toronto.
In September 2016, the Governments of Canada and Ontario announced the City of Toronto will be receiving more than $154 million in social infrastructure funding, which doubles the City's allocation from the Investment in Affordable Housing agreement and provides targeted support to housing programs for those who need it most in the City of Toronto.
The Village by Main Station will be located on Trent Ave., just east of Danforth Ave. and Main St.
The Village by Main Station will be located in a neighbourhood with a number of public recreation spaces, schools, places of worship and other community amenities.
Canada Mortgage and Housing Corporation (CMHC) has been helping Canadians meet their housing needs for more than 70 years. As Canada’s authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to Canadian governments, consumers and the housing industry. Prudent risk management, strong corporate governance and transparency are cornerstones of CMHC’s operations. For more information, please call 1-800-668-2642 or visit www.cmhc.ca
Investing in affordable housing programs is part of Ontario’s plan to create jobs, grow the economy and help people in their everyday lives. Since 2003, the province has committed more than $5 billion in funding for affordable housing, which has helped support more than 22,000 new affordable rental housing units, more than 335,000 repairs and improvements to social and affordable housing units and rental and down payment assistance to more than 93,000 households in need. These investments complement the commitments made through Ontario’s recent Long-Term Affordable Housing Strategy update, and support the province’s goal of ending chronic homelessness by 2025. For more information on affordable housing in Ontario, visit ontario.ca/affordablehousing.
Public Affairs, Canada Mortgage and Housing Corporation
Communications, Ministry of Housing
Affordable Housing Office, City of Toronto
Director, Sales and Marketing, Options for Homes
416-867-1501 x 225