The city says the 10-year proposal will help more than 341,000 households.
Mayor John Tory says the program will help support those who are struggling to pay the rent or keep a roof over their heads.
The project will cost $23.4 billion, with the city putting up $8.5 billion.
Tory is calling on the federal and provincial governments to step up and cover the remainder.
He says ensuring residents have access to housing will benefit the city.