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.