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City council approves 10-year housing plan that includes 40,000 “new affordable” rentals

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City council approves 10-year housing plan that includes 40,000 “new affordable” rentals

Toronto city council approved its 10-year housing action plan for 2020 to 2030.

The plan addresses multiple issues, from homelessness to affordable rentals, as well as long-term care.

According to the city, it will assist more than 341,000 Toronto households.

The action plan approved 40,000 new affordable rental homes, “including 18,000 new supportive homes approvals for vulnerable residents, some of whom are homeless or at risk of being homeless, and a minimum of 25% (10,000) new affordable rental and supportive homes dedicated to women and girls, including female-led households.”

It also prevents 10,000 evictions for low-income households, and includes assisting over 10,000 seniors remain in their homes or move to long-term care facilities.

The city said implementation of the plan is estimated to cost $23.4 billion and will need new investments from all three levels of government.

Toronto will fund $8.5 billion, with $5.5 billion already committed through operating, capital investments and other financial tools. It also calls on the federal and provincial governments to invest $14.9 billion.

“We know it is critical for the future of our rapidly growing city that people from all income levels have a place to call home,” said Mayor John Tory in a statement.

“I will be working hard with the other orders of government to ensure the entire plan is fully funded. Housing Strategy and calls on the provincial government to commit to increasing income supports and supportive housing options to vulnerable people. This has to be a priority – we have to come together to support households who are struggling to pay the rent and keep, or put, a roof over their heads.”

The city’s action plan includes 76 items to address housing needs, including enhancing measures to prevent evictions and people becoming homeless; preserving the rental homes that currently exist, and adopting a new program definition of affordable rental housing based on income.