Earlier this month, I was pleased to join the Federal Government in welcoming the $13.2 billion National Housing Co-Investment Fund, which along with the recently signed bi-lateral Canada-Ontario National Housing Strategy Agreement will help us deliver action on housing.
The National Housing Co-Investment Fund provides funding and low-interest loans to maintain our existing social housing and create new affordable homes. It will help attract additional funding from other levels of government, not-for-profit and co-operative housing providers, and the private sector. The federal government has also responded to Toronto's call, alongside other Canadian cities and has committed to providing federal land to social and affordable housing providers.
The City of Toronto will do it's part to help support the federal government meet its national target of assisting more than 530,000 low-income households. All of this work goes to show that when different levels of government can work together, we can create the conditions for, and most importantly deliver much needed new affordable housing in communities across Toronto, Ontario and Canada.