Feds invest in new Toronto rental development

The federal government announced plans to invest $147 million through its RCFi initiative toward the construction of 514 residential units located at 3415 Weston Road in Toronto. RCFi, CMHC’s Rental Construction Financing Initiative, supports the construction of new rental housing aimed at middle class and low-income families.

“Canada’s middle class and those looking to join them will benefit from the construction of new rental housing,” said the Hon. Ahmed Hussen, Minister of Families, Children and Social Development and the Minister responsible for CMHC. “Through new investments, our government is taking action to increase the supply of new rental developments, providing housing options that are closer to services hard-working Canadian families need.”

This project by Medallion Corporation entails the construction of two high-rise buildings featuring 514 residential units: a 30-storey tower with 276 residential units and a 26-storey tower with 238 residential units. Construction commenced in January 2019, with substantial completion expected by spring 2023.

“I want to thank the federal government for providing a $147 million financing commitment towards the creation of new rental housing for our residents,” said John Tory, Mayor, City of Toronto.” This funding will help us build up the newly anticipated Casa at Emery Village and ensure that part of the plan includes affordable housing options. [This] announcement is a reflection of the importance of private and public partnerships and the impactful work that can be done.”

At least 15 per cent of the development’s units (77 units) will meet municipal accessibility requirements. The building is designed to achieve energy-efficiency savings of 22.8 per cent and reduction in greenhouse gas emissions of 21.4 per cent relative to the 2015 National Energy Code for Buildings.

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