TORONTO – The federal government is promising $1.3 billion for affordable housing in Toronto.
The money will come over the course of 10 years, with $810 million given as a loan and $530 million as a direct investment.
READ MORE: Toronto council approves plan to build up to 3,700 affordable rental units on City-owned lands
Prime Minister Justin Trudeau says the money will go towards renovating more than 58,000 affordable housing units.
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Renovations on Toronto’s community housing units are set to begin this spring.
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The government says the new investment is part of the $13.2 billion National Housing Co-Investment Fund, which also works to build new affordable homes across Canada.
Toronto Mayor John Tory welcomed the federal funding, saying it will ensure more families have access to good homes.
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