The federal government is promising billions in low-cost financing to help build thousands of rental homes in Toronto, including more than a thousand affordable units.
Ottawa says it will provide $2.55 billion in financing through its Apartment Construction Loan Program, to be administered by the Canada Mortgage and Housing Corporation.
The city says the money will go toward building more than 4,800 rental homes, of which at least 1,075 will be affordable housing.
Toronto, meanwhile, says it will offer nearly $235 million in financial incentives such as relief from development charges, fees and property taxes.
The city says the newly announced low-cost loans will allow it to speed up seven rental housing projects that are set to be under construction by the end of next year….