As Toronto's Housing Advocate I am pleased to let you know that the Federal and Provincial Governments have announced the allocation of over $640 million in new funding over the next 2 years as part of the Investment in Affordable Housing (IAH) program. This important investment doubles the amount of current funding in the IAH program.
This funding will help address social housing repair and maintenance backlogs and support the creation of affordable housing for both seniors and adults. This investment will also support the construction and renovation of new shelters and transitional housing for victims of domestic violence, helping some of the most vulnerable receive shelter and the basic dignities which form the basis of a healthy life.
The Federal Government also recently announced $150 million over four years to give eligible co-operative and non-profit housing providers the ability to pre-pay their mortgages without penalty in order for them to be able to access financing at considerably lower interest rates than the current mortgages which were negotiated decades ago.
I look forward to working with our federal and provincial partners as we move forward on these important initiatives and other opportunities to increase and repair our affordable housing stock, while also creating housing affordability for more Torontonians.