Toronto is getting new affordable housing just for single moms
The City of Toronto has taken on a unique new venture that will see dozens of affordable housing units reserved for members of a vulnerable group that most needs them: single mothers.
A total of 34 two- and three-bedroom rental apartments in a forthcoming residential development called EVOLV in Regent Park will be specially dedicated to the demographic, with rents capped at 80 per cent of the Canada Mortgage and Housing Corporation (CMHC)'s average market rent.
The program will continue for an entire 40 years as the result of a partnership between the city, local charity WoodGreen Community Services, Sun Life Financial and the Daniels Corporation, the builder behind the tower, which is currently under construction at 25 Nicholas Ave., near River and Dundas Street East.
Through one of WoodGreen's existing initiatives that helps single mothers who are experiencing homelessness or receiving social assistance, in-need and eligible clients will be identified and provided with the opportunity, for a spring 2021 move-in.
Rents for those tenants will be substantially less than for tenants of the additional 312 rental units in the 29-storey building — half or less than half, per the Star.
Sun Life and Daniels will make up the difference in rents over the 40 years, while the city has vowed to suspend property taxes for the building and to allocate more than $5 million to the program.
With so many residents of the city long calling for more affordable rentals amid an ongoing housing crisis, this step is certainly a heartening one to see taken.
Renderings by IBI Group via John Tory
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