The federal government is committing $200 million for affordable rental units at the Toronto site where Honest Ed’s once stood.<\/p>\n
Social Development Minister Ahmed Hussen says the Mirvish Village\u00a0project will ensure the location stays true to its roots as a\u00a0new-immigrant and low-income hub.<\/p>\n Six buildings will include 916 rental units \u2014 366 of which will be designated affordable, costing no more than one-third the median Toronto income.<\/p>\n Of those, 100 will be secured at 80 per cent of the average\u00a0market rate in Toronto \u2014 far less than the going price in the downtown neighbourhood.<\/p>\n Hussen, who is also responsible for the Canada Mortgage and\u00a0Housing Corporation, says the funding comes from a rental\u00a0construction financing initiative.<\/p>\n Real estate developer Westbank Corp. bought the Honest Ed’s land from the Mirvish family in 2013, and the discount store closed its doors in 2017.<\/p>\n CBC<\/p>\n