The City of Toronto has decided on a very unique venture that will see many new affordable housing units being built that are specifically reserved for only single mothers.
EVOLV will be new residential development with a total of 34 two- and three-bedroom rental apartments located in the Regent Park are of Toronto, with rents capped at 80 per cent of the current Canada Mortgage and Housing Corporation (CMHC)'s average rental rates.
The program will continue for an entire 40 years as the result of an ongoing partnership between the city, local charity Wood Green Community Services, Sun Life Financial and the Daniels Corporation, the builder behind the new project.
Through one of WoodGreen's existing initiatives that helps single mothers who are experiencing homelessness or receiving social assistance, in-need and eligible clients will be identified and provided with the opportunity, for a spring 2021 move-in.
Rents for those tenants will be substantially less than for tenants of the additional 312 rental units in the 29-storey building — half or less than half. Sun Life and Daniels will make up the difference in rents over the next 40 years, while the city has vowed to suspend property taxes for the building and to allocate more than $5 million to the program.
With so many residents of the city long calling for more affordable rentals amid an ongoing housing crisis, this step is certainly a heartening one to see taken.
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