Families Benefit from Renovation to Kingston Road Apartments
Posted by: Toronto Real Estate Admin / Category: News BulletinTORONTO, November 5, 2007 — Families in the Toronto area now have access to more affordable housing with the opening of six rental apartments at 1445 – 1481 Kingston Road following the completion of extensive renovations.
The Government of Canada provided $740,603 through Canada Mortgage and Housing Corporation’s (CMHC) Residential Rehabilitation Assistance Program (RRAP) to renovate and upgrade the buildings. The program provides landlords with financial assistance to bring affordable rental properties up to minimum standards of health and safety.
“Our government is delivering on its commitment to create affordable housing in Ontario and across Canada for those who need it the most,” said David Tilson, Member of Parliament for Dufferin – Caledon, on behalf of the Honourable Monte Solberg Minster of Human Resources and Social Development. “This investment will provide safe, affordable and quality housing for vulnerable individuals in Toronto so they can begin to build safer, stronger and better futures for themselves.”
RRAP funding was used to undertake both external and internal renovations to the complex. The renovations include repairs to the roofs, electrical systems, and fire safety retrofits. The funding was also used to replace fixtures and pipes in washrooms and kitchens.
“These buildings are over 70 years old and required desperately needed repairs. Without CMHC’s RRAP funding, our only option was to borrow money from the bank and pass on the cost of repairs to the present tenants,” said Gulu Thadani, President, GIC Investments. “CMHC’s funding has allowed us to maintain the rents at a low level. Therefore, we are now able to maintain affordable housing for low-income families. We really appreciate RRAP and believe it is a great way to keep affordable housing available for low-income families and disadvantaged people.”
As Canada’s national housing agency, Canada Mortgage and Housing Corporation (CMHC) draws on over 60 years of experience to help Canadians access a variety of quality, environmentally sustainable, and affordable homes — homes that will continue to create vibrant and healthy communities and cities across the country. For more information, call 1-800-668-2642.
Media inquiries:
Beth Bailey
Canada Mortgage and Housing Corporation
416-218-3355
Mr. Gulu Thadani
GIC Investments
416-222-8673
Article source: http://www.cmhc.ca/en/corp/nero/nere/2007/2007-11-05-1000.cfm
Tags: Toronto House, Toronto Housing, Toronto Realtor