New ideas, funding models and building innovations are being sought by the Canada Mortgage and Housing Corporation as it seeks to revolutionize the rental housing market in Toronto.
At a summit Friday the minister responsible for the CMHC, Jean-Yves Duclos, said that the agency is now accepting applications for its Affordable Rental Innovation Fund.
The fund was announced in the budget earlier this year and provides $200 million for up to 4,000 affordable rental units in Canada.
To qualify, developments need to include at least 5 affordable units with affordability maintained for at least 10 years; show resource efficiency in the design; include accessibility features; and show viability and sustainability without long-term government subsidies.
Crucially, the projects must also show innovation in their design and/or funding models.
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