Toronto/IBNS: The Canadian government has allocated $471 million of funding to accelerate Toronto’s housing system and increase housing affordability for residents.

The announcement was made in a joint statement by Prime Minister Justin Trudeau and Toronto Mayor Olivia Chow.

“We’ve set a new goal of building 65,000 rent-controlled homes, and we’re committed to the provincial target of 285,000 homes by 2031…Everyone deserves an affordable roof over their heads, and today’s announcement helps make that a reality,” Olivia was reported saying.

The federal HAF investments will also enable Toronto to expand the Multi-Unit Residential Acquisition (MURA) program in supporting the not-for-profit housing sector to acquire and convert market rental properties into permanently affordable rental homes for lower- and moderate-income residents.

Supported by HAF, the implementation of the plan focuses on helping people exit homelessness that targets 65,000 new rent-controlled homes across the city by 2030.

In addition, this funding would contribute towards the federal government’s share of funding, estimated at $500 to $800 million annually.

“HAF represents the kind of investments and partnerships required from all orders of government to deliver more affordable housing as quickly as possible,” Gord Perks, Chair of the Planning and Housing Committee was reported saying.

(Reporting by Asha Bajaj)