Toronto to get $1.3B from feds for affordable housing

Federal government commits $1.3B to Toronto Community Housing
WATCH ABOVE: The Federal Government is going to pay $1.3 billion to improve and upgrade accessibility at Toronto Community Housing buildings. While the money is being welcomed by many, others are wondering when the Feds will do more to address affordable housing in the city. Matthew Bingley reports.

TORONTO – The federal government is promising $1.3 billion for affordable housing in Toronto.

The money will come over the course of 10 years, with $810 million given as a loan and $530 million as a direct investment.

READ MORE: Toronto council approves plan to build up to 3,700 affordable rental units on City-owned lands

Prime Minister Justin Trudeau says the money will go towards renovating more than 58,000 affordable housing units.

Renovations on Toronto’s community housing units are set to begin this spring.

WATCH: Justin Trudeau drowned out by boos, protest chants during press conference in Toronto

Trudeau disrupted by hecklers at Toronto funding announcement
Trudeau disrupted by hecklers at Toronto funding announcement

The government says the new investment is part of the $13.2 billion National Housing Co-Investment Fund, which also works to build new affordable homes across Canada.

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Toronto Mayor John Tory welcomed the federal funding, saying it will ensure more families have access to good homes.