Two Toronto developers have made their second of five annual payments toward a total of a $17 Million committed contribution of grants and loans that are expected to fund the development of at least 180 affordable homes.
To date, Hazelview Investments and Fitzrovia have contributed $6.8 million to the Toronto-based Land Trust, Community Affordable Housing Solutions (CAHS). CAHS has recently announced plans to invest the $6.8 Million received to date to create 122 new affordable homes as follows:
- Up to 40 affordable ownership units that will include two and three-bedroom units at a future community at St. Clair Ave. and Caledonia Rd.
- 21 affordable rental co-op units that will be part of a new community near Symington Ave. and Dupont St.
- 61 affordable rental co-op units that will be part of a new community near Lakeshore Ave. and Windermere Ave.
The creation of CAHS originated as a result of an innovative collaboration between the developers, the City of Toronto, Habitat for Humanity GTA, St. Clare’s, and the community group Build a Better Bloor Dufferin.
“CAHS was founded upon the idea that developers who are willing to collaborate with city leadership, affordable housing partners, and local grassroots groups can come together to create thriving, economically diverse communities, and that is exactly what is happening here,” VP of Real Estate Development at Habitat GTA and CAHS Executive Lead Joshua Bénard said in a press release.
“Working together, we are creating a greater variety of affordable housing options for people of all demographics as we believe this is the best way to address our housing affordability crisis.”