Four Buildings Officially Open as Part of Regent Park Revitalization
May 20, 2010
Four affordable rental housing buildings were recently opened as part of the Regent Park revitalization.
The buildings are supported by more than $23.5 million in funding under the Canada-Ontario Affordable Housing Program and $7.8 million in financial incentives, including property tax exemptions and waived development fees from the city of Toronto.
The four affordable rental housing buildings, built, owned and operated by Toronto Community Housing as part of the program are:
- 246 and 252 Sackville Street: 246 Sackville Street provides 65 units for families and 252 Sackville provides 159 units for seniors. These buildings received almost $6.5 million under the Canada-Ontario Affordable Housing Program.
- 501 Adelaide Street East: a 180-unit building with 162 units of affordable housing for low to moderate income families and singles. The project received more that $11.3 million in funding under the program.
- 92 Carlton Street: a 110-unit building with 82 units of affordable housing for low to moderate income households, persons with disabilities and individuals with special needs. The project received more than $5.7 million under the program.
The entire Regent Park revitalization investment is expected to be $1 billion, which includes the replacement of the social housing, new community facilities and parks, roads and underground infrastructure, new affordable rental housing, new market housing, and commercial operations. The overall investment will come from the private and public sectors. Toronto Community Housing will finance the estimated cost of the social housing replacement program and new affordable rental housing, in the rage of $500 million, with the support of government funding, profit from the sale of market units, and private financing, which will be supported through new operating income of the rental units and expected long-term savings in operating costs.
The city of Toronto has adopted a 10-year plan to assist 257,700 household struggling with high housing costs or inadequate accommodation. The Housing Opportunities Toronto Action Plan 2010-2020 focuses on upgrading existing private and social housing, building 1,000 new affordable rental homes annually.
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