Toronto – Deputy Mayor Mike Colle (Eglinton-Lawrence), alongside Marco Mendicino, Member of Parliament for Eglinton-Lawrence and Bryan Keshen, Chief Executive Officer of Reena, announced new funding for 106 new rent-geared-to-income and supportive homes at 165 Elm Ridge Dr. as part of Phase 3 of the federal Rapid Housing Initiative (RHI).
RHI is a capital funding program that helps create new affordable and supportive rental housing for people experiencing or at risk of homelessness. The new homes on Elm Ridge Drive have been made possible through a partnership between the City of Toronto, the Government of Canada and Reena.
About homes at 165 Elm Ridge Dr.
The supportive homes at 165 Elm Ridge Dr. will be dedicated to people with developmental and physical disabilities including seniors and older adults experiencing cognitive decline or mental health challenges. Future residents will pay no more than 30 per cent of their income or the shelter allowance of their income support benefit on rent.
Reena, an experienced not-for-profit organization, will operate the building and provide 24/7 onsite support services. In addition to a good quality, secure and affordable home, all residents will have access to a range of wraparound support services tailored to their unique needs.
Construction is anticipated to start in December 2023. After completion, the building will include 106 rent-geared-to-income supportive homes consisting of a mix of studios and one-, two-, three- and four-bedroom apartments. The building will also include indoor and outdoor amenity spaces.
Investments that made the project possible
The Canada Mortgage and Housing Corporation delivers RHI under the National Housing Strategy. To date, the City and its Indigenous and not-for-profit partners have received almost $440 million in capital grant funding through the RHI Phases 1 and 2, with more than 1,000 homes completed or underway.
The 165 Elm Ridge Dr. project received more than $43.9 million in capital funding from the federal government through the Phase 3 of the RHI. Through the City’s Open Door Affordable Housing program, the City has also committed $8.1 million in financial incentives such as waivers of development charges and planning and building fees, and annual property tax exemptions for at least 40 years. Reena Foundation is contributing $15 million and Batay Reena is contributing $15 million in equity.
HousingTO 2020-2030 Action Plan
RHI funding supports the implementation of the City’s HousingTO 2020-2030 Action Plan (HousingTO Action Plan) that targets 65,000 new rent-controlled homes across the city over 10 years including 6,500 rent-geared-to-income homes and 18,000 supportive homes with a focus on helping people exit homelessness. All orders of government need even stronger action across the full housing continuum in response to the worsening housing and homelessness crisis. The City’s staff report “Generational Transformation of Toronto’s Housing System to Urgently Build More Affordable Homes” charts a way forward to transform Toronto’s housing system and improve housing outcomes for low- and middle-income Torontonians.
More information is available on the HousingTO 2020-2030 Action Plan. Information is available on the “Generational Transformation of Toronto’s Housing System to Urgently Build More Affordable Homes” report.
“The affordable supportive housing site at 165 Elm Ridge Dr. is part of the City’s determined response to ensure all Torontonians have appropriate housing. This site will provide a safe, comfortable and inclusive space for people with disabilities. The opportunity to partner with the Government of Canada and Reena on this important project showcases our collective commitment to a more equitable future where everyone has a place to call home. Together, we need to act with more urgency to increase the supply of affordable supportive housing as quickly as possible.” – Mayor Olivia Chow