March 25, 2019
The federal government in partnership with Canadian Mortgage and Housing Corporation (CMHC) have agreed to provide a loan to the developer to construct a multi-dwelling residential property which will include 259 affordable units.
Through the CMHC's Rental Construction Financing initiative (RCFi), the federal government is investing $89 million for the construction of Terraces of Princess Gardens, a 16-storey apartment building.
The development was approved in 1996 through the Ontario Municipal Board (OMB) and has subsequently commenced construction in January 2019 with an expected completion date of April 2021.
The development is a previously approved private initiative. The loan and financing agreement between the government of Canada and the CMHC to the developer is independent of the City of Toronto.
For general information on affordable housing please visit https://www.toronto.ca/community-people/community-partners/affordable-housing-partners/
The project is part and parcel of the National Housing Strategy consultation.
If you have any questions please feel free to contact my office at 416-392-4002.