The city of Toronto is believed to be getting its well needed housing relief from the budget of the federal government. The government made it known that it will be funding Toronto with $11,2 billion over 11 years. Some longstanding requests from the city of Toronto are money for social housing and shelter support. Some details still need to be done brought out and addressed properly in order for clarity. However, the housing advocate for the city council, Ana Bailao accepted the news.
The $11.2 billion includes $3.2 billion just for initiatives for affordable housing. This will cover rent subsidies and repairs needed in already existing housing. An amount of about $2.1 billion is needed for the Homelessness Partnering Strategy. This program is meant to constrain and reduce homelessness this funding is double of the current commitment and extends it from 2019 to 2022.
A total amount of about $5 billion is aimed at the National Housing Fund which will be helping the new rental prices. This fund will now be able to help house providers as their operating agreements expire. The release of the National Housing Strategy will accompany the details about the fund.
The city hall has been pleading for years that the government should invest in housing. Although, the funding was accepted, there were demands that the provincial government to match with it. The chief of budgeting in the province, Gary Crawford believe that the city needs partnerships with two other provincial governments in order for all these to be done