Tory, along with other city officials, made the announcement during a press conference Monday morning at the Falstaff Community Centre near Jane Street and Wilson Avenue.
The city said the funding will go towards adding an additional 10 to 15 new Community Youth Violence Prevention Grants of up to $200,000 per year for three years.
Officials also announced investment into 14 additional youth spaces and hubs in the city that includes eight new youth hubs in Toronto Public Library Branches and six new youth spaces in Parks, Forestry and Recreation Facilities.
“In far too many neighbourhoods, including the one we are standing in today, gun violence has caused a degree of trauma to individual people and to the community themselves,” Tory said.
Additional investments will go towards implementing the Regent Park Social Development Plan, funding hospital-based violence intervention program pilot and expanding Community Crisis Response Grants.
These investments will be made in addition to the funding already included in 2020 budget that focus on addressing gun violence in the city.
The budget already includes $18.6 million which focuses on poverty reduction and additional funding for the Toronto Police Service, which is on track to hire more that 300 police officers in 2020.