Celebration Marks Official Opening of Four Buildings Part of Regent Park Revitalization
Posted by: Toronto Real Estate Admin / Category: News Bulletin
TORONTO, ON, April 23, 2010 — The Government of Canada, the Government of Ontario, the City of Toronto and Toronto Community Housing celebrated the official opening of four affordable rental housing buildings that are part of the Regent Park revitalization.
The buildings are supported by more than $23.5 million in funding under the Canada – Ontario Affordable Housing Program and $7.8 million in financial incentives, including property tax exemptions and waived development fees from the City of Toronto.
The Honourable Peter Kent, Minister of State of Foreign Affairs (Americas) and Member of Parliament for Thornhill, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation; Jim Bradley, Minister of Municipal Affairs and Housing; City of Toronto Councillor, Pam McConnell, Ward 28 Toronto Centre – Rosedale on behalf of Mayor David Miller; Keiko Nakamura, CEO, Toronto Community Housing and David Mitchell, Chair, Toronto Community Housing, attended the event.
“Together, we are improving the Regent Park community — making Toronto a better city, and Canada a stronger country. Locally, this achievement gives a hand-up to individuals and families who need safe, affordable housing that meets their needs,” said Minister Kent. “This is also a good way to get the local economy moving because it puts construction workers and trades people to work quickly.”
“The opening of these buildings is the first fruit of a 15-year revitalization that is transforming Regent Park, and most importantly, changing people’s lives,” said Minister Jim Bradley. “Affordable housing is an important part of our government’s Poverty Reduction Strategy. By working together with governments and the private sector, we can better serve individuals and families by building stronger and healthier communities. Today we see a remarkable achievement.”
The four affordable rental housing buildings, built, owned and operated by Toronto Community Housing as part of the Regent Park revitalization are:
- 246 and 252 Sackville Street: 246 Sackville Street provides 65 units for families and 252 Sackville Street provides 159 units for seniors. Together, these buildings received almost $6.5 million under the Canada – Ontario Affordable Housing Program.
- 501 Adelaide Street East: A 180-unit building with 162 units of affordable housing for low to moderate income families and singles. The project received more than $11.3 million under the Canada – Ontario Affordable Housing Program.
- 92 Carlton Street: A 110-unit building with 82 units of affordable housing for low to moderate income households, persons with disabilities and individuals with special needs. The project received more than $5.7 million under the Canada – Ontario Affordable Housing Program.
In May 2009, Regent Park tenants started moving into new homes in new buildings. Toronto Community Housing’s vision for revitalization goes beyond replacing housing in a poor state of repair. It’s about transforming communities to build great neighbourhoods for everyone. As part of the revitalization of Regent Park, tenants continue to move into new units, new streets have opened up, the first new retail has opened in the community and consultations are underway with residents to plan designs for the new park, pool, community centre and arts and cultural centre that will be in phase two.
“Today, we are fulfilling our promise to the people of Regent Park that they will not only have a new home, but they will be the foundation for this revitalized community,” said Councillor McConnell. “The occupancy of these buildings is the first milestone in this exciting and important journey. I’m proud of the investment being made in the renewal of Regent Park by the City of Toronto and our federal and provincial partners.”
“Toronto Community Housing is committed to delivering quality housing that improves the lives and living conditions of residents and communities,” said Keiko Nakamura, CEO, Toronto Community Housing. “Our goal is to help create strong neighbourhoods where every tenant is connected to opportunities to succeed. Part of this commitment is the revitalization of existing neighbourhoods like Regent Park.”
The entire Regent Park revitalization investment is expected to be $1 billion, which includes the replacement of the social housing, new community facilities and parks, roads and underground infrastructure, new affordable rental housing, new market housing, and commercial operations. The overall investment will come from both the public and private sector. Toronto Community Housing will finance the estimated cost of the social housing replacement program and new affordable rental housing, in the range of $500M, with the support of government funding, profit from the sale of market units, and private financing, which will be supported through the net operating income of the rental units and expected long-term savings in operating costs.
The Canada – Ontario Affordable Housing Program Agreement comprises a commitment of $301 million from each of the two senior levels of government. In total, the federal, provincial and municipal governments will invest at least $734 million in the program, which will provide affordable housing for up to 20,000 households in Ontario.
In 2008, the Government of Canada committed more than $1.9 billion over five years to improve and build new affordable housing and to help the homeless. Canada’s Economic Action Plan builds on this with an additional one-time investment of more than $2 billion over two years in new and existing social housing and lending of up to another $2 billion to municipalities for housing-related infrastructure. Combined for Ontario, this means a further $1.2-billion joint investment under the amended Canada – Ontario Affordable Housing Program Agreement. The federal and provincial governments are contributing equally to this overall investment.
Ontario has already approved more than $338 million for construction-ready projects, which will improve access to affordable housing for low-income families, seniors and persons with disabilities across the province. It is also part of the new Open Ontario plan to create jobs and strengthen local economies. To find out more about affordable housing in Ontario, visit www.ontario.ca/housing.
The City of Toronto has adopted a 10-year plan to assist 257,700 households struggling with high housing costs or inadequate accommodation. The Housing Opportunities Toronto Action Plan 2010 – 2020 focuses on upgrading existing private and social housing, building 1,000 new affordable rental homes annually and making home ownership more affordable.
To find out more about how the Government of Canada and CMHC are working to build stronger homes and communities for all Canadians, call CMHC at 1-800-668-2642 or visit www.cmhc.ca/housingactionplan. For more information on Canada’s Economic Action Plan, call 1-800-O Canada or visit www.actionplan.gc.ca.
For more information, please contact:
For more information visit:
www.mah.gov.on.ca
www.toronto.ca/housingportal
www.torontohousing.ca
See related speech
The Honourable Peter Kent, Minister of State of Foreign Affairs (Americas) and Member of Parliament for Thornhill announces the official opening of four buildings in Regent Park, part of the Regent Park Revitalization in Toronto on April 23, 2010.
Article source: http://www.cmhc.ca/en/corp/nero/nere/2010/2010-04-23-1030b.cfm