4 min read
22 November 2021

A new partnership is bringing up to 400 new affordable homes to Toronto

Jennifer Mayville, Senior Manager, Communications

Today (November 22) is National Housing Day. Which makes it the perfect day to share an exciting housing announcement with all of you.

WoodGreen has entered into a strategic partnership with values-based developer Castlepoint Numa Inc. to deliver and manage 300 to 400 new affordable housing units in Toronto.

Allocated to four projects slated for completion in the next three to 10 years, these units will provide housing for the low and middle-income segments of Toronto’s rental market. The first project will be a 108-unit rental building with 10 to 15 affordable apartments located at 72 Perth Avenue. It is scheduled for completion in the fourth quarter of 2024.

“Our focus is to achieve the best possible outcomes for a diverse mix of tenants who face economic, social, and health-related barriers to accessing and retaining affordable housing,” said Anne Babcock, CEO and president of WoodGreen. “We want to demonstrate that strategic partnerships of this kind can have a significant and lasting impact on people’s lives.”

“This has been in the works for several years and started with agreements with the city on our waterfront sites that demonstrated meaningful, affordable-housing delivery without government subsidy can work on private-sector lands," said Elsa Fancello, Vice-President, Planning and Development at Castlepoint Numa.

The affordable units – which will be priced at about 80 per cent of average market rent (AMR) in Toronto – are being delivered without any direct government subsidy. Under a memorandum of understanding (MOU) Castlepoint Numa and its partners will retain ownership and leverage WoodGreen’s experience to assist in the delivery and management of the affordable units.

An opportunity for more developers to partner with non-profit housing providers

 

In view of Toronto’s new affordability mandate, Fancello added she believes Castlepoint Numa’s partnership with WoodGreen will be “a catalyst for many other similar alliances between developers and providers of social and community services.”

Recently introduced legislation, called inclusionary zoning, will require condo developers to set aside five to 10 per cent of new units located near major transit hubs, for affordable rentals or affordably-priced homes beginning in 2022. This presents a tremendous opportunity for condo developers to partner with non-profit housing providers.

“Castlepoint Numa and WoodGreen have jumped ahead of the curve of inclusionary zoning, with these new units committed before the legislation takes effect,” said Alfredo Romano, President of Castlepoint Numa. “The private sector has to be fully engaged if we’re going to move the needle.”

In agreement, WoodGreen’s Vice-President of Housing & Homelessness Services Mwarigha says this model delivers a cost-effective solution for housing low and moderate-income families in a mixed-income community setting.

Do you want to learn more about WoodGreen’s housing programs? Here’s more info.

More Blogs

Untapped talent of newcomer youth a challenge for Toronto workforce

Young people arriving in Canada aren’t able to use their skills and talents to the fullest; a missed opportunity for both newcomers and the Canadian economy, according to a research report led in part by WoodGreen Community Services. This report examines who newcomer youth in Toronto are and what informs their experience in trying to build a career in the city.

Read

National Housing Day: How WoodGreen helps create community at its seniors housing buildings

As one of the largest non-profit housing providers in Toronto, WoodGreen knows that a home is more than just having a roof over one’s head. Learn about the supports we offer our senior tenants to help them thrive.

Read

Toronto artists raise voices and funds to fight homelessness and support WoodGreen

More than a dozen independent artists have recorded the song "Toronto's Forgotten Homeless" with proceeds going to support WoodGreen.

Read

Child care manager celebrates 25th anniversary with WoodGreen

Katherine is the manager of WoodGreen’s Morse Street Child Care Centre. Learn why she's worked with WoodGreen for a quarter of a century.

Read

5 Things Early Childhood Educators Do For Kids (and their parents)

Outside of the home, Registered Early Childhood Educators are often the first person looking after a child, but do you know all they can do?

Read