More than $44 million in federal and provincial funds have been made available toward affordable housing units in Peel Region.
A ceremonial ground-breaking at the Daniels Corporation’s 174-unit affordable rental housing development at 360 City Centre Dr. in Mississauga was held Friday morning.
The development includes 154 units that will be funded through the Ontario/Canada Investment in Affordable Housing agreement.
About $23 million will be used to create the homes in the Mississauga Daniels development.
Another $11.7 million will be used by the Region of Peel to help buy 78 individual units in condominium developments throughout the region and offer those homes as affordable rental units to individuals and families.
Further funding will provide $9 million to create 60 affordable housing units in Caledon’s Mayfield West Seniors Apartment development and $638,190 will obtain six affordable housing units in Brampton’s Main and Market development at 171 Main St. N.
The affordable housing crisis in Peel and elsewhere in the GTA is far from solved. Critics point to this funding being a drop in the bucket that would help a few hundred families when the need is for thousands of families to be housed in someplace affordable.
On the other hand, with the cost of real estate still high by many standards and the interest rate climbing, it won’t be possible for governments to make any meaningful impact on the problem of affordable housing anytime soon. But to be charitable, any funding toward the cause is welcome. -CINEWS