Federal government announces $200M for affordable housing at Honest Ed's site
Toronto Mayor John Tory speaks during a news conference at a construction site that will soon house residential housing in Toronto on Thursday, Jan. 16, 2020. THE CANADIAN PRESS/Cole Burston
TORONTO -- TORONTO -- The federal government is committing $200 million for affordable rental units at the Toronto site where Honest Ed's once stood.
Social Development Minister Ahmed Hussen says the Mirvish Village project will ensure the location stays true to its roots as a new-immigrant and low-income hub.
Six buildings will include 916 rental units -- 366 of which will be designated affordable, costing no more than one-third the median Toronto income.
Of those, 100 will be secured at 80 per cent of the average market rate in Toronto -- far less than the going price in the downtown neighbourhood.
Hussen, who is also responsible for the Canada Mortgage and Housing Corporation, says the funding comes from a rental construction financing initiative.
Real estate developer Westbank Corp. bought the Honest Ed's land from the Mirvish family in 2013, and the discount store closed its doors in 2017.
This report by The Canadian Press was first published Jan. 16, 2020.