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Kicking off the start to National Housing Week, a Toronto-based developer and social services provider have teamed up to bring as many as 400 units of affordable housing to the city over the next decade.

Castlepoint Numa Inc. and WoodGreen Community Services announced their partnership to deliver and manage 300 to 400 new affordable housing units in Toronto.

Castlepoint Numa Inc. has previously worked on notable downtown developments, including The L Tower and Backstage. WoodGreen, a social services agency, provides affordable rental housing and other social programs including mental health, homelessness and immigrant resources.

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“Our focus is to achieve the best possible outcomes for a diverse mix of tenants who face economic, social and health related barriers to accessing and retaining affordable housing,” said Anne Babcock, CEO and president of WoodGreen, in a press release. “We want to demonstrate that strategic partnerships of this kind can have a significant and lasting impact on people’s lives.”

The units would be allocated between four projects that are expected to be completed within the next three to 10 years, and will offer housing for the low and middle-income segments of the rental market. The first project, a 108-unit rental building located at 72 Perth Avenue in the Junction Triangle, is slated to deliver 10 to 15 affordable homes in Q4-2024.

The affordable housing units would be priced at around 80 percent of Toronto’s average market rent (AMR) without any direct government subsidies. Castlepoint Numa and its partners would retain ownership and use WoodGreen to oversee the delivery and management of the affordable units, according to the release.

“Collaboration is critical to effectively addressing housing challenges in our city and the partnership between Castlepoint Numa and WoodGreen is the kind of cooperative approach that brings together experience, innovation and commitment as we all work together to deliver affordable housing,” said Toronto’s Deputy Mayor Ana Bailão.

Rendering: 72 Perth Avenue via City of Toronto

Affordable housing in Toronto hit a major milestone earlier this month as the City was the first in Ontario to approve Inclusionary Zoning in a 23-2 council vote. Starting in 2022, the policy would require new condo developers with projects near protected major transit stations to set aside five to 10 per cent of their units — over minimum unit thresholds — for affordable rental and ownership housing. This range would be gradually increased to eight to 22 per cent by 2030.

Under Toronto’s Inclusionary Zoning, rent and ownership prices will be determined around income-based definitions of affordable housing for households with an annual income between $32,486 and $91,611. The quantity of affordable housing required in a development will vary based on their designation as rental or ownership units, and the location of the project. After one year, the Inclusionary Zoning policy would be reviewed to make any necessary adjustments.

“Castlepoint Numa and WoodGreen have jumped ahead of the curve of inclusionary zoning, with these new units committed before the legislation takes effect,” said Alfredo Romano, president of Castlepoint Numa, in the release. “The private sector has to be fully engaged if we’re going to move the needle.”

National Housing Week runs from November 22nd to 26th. The week kicks off with National Housing Day, which recognizes the efforts made by industry partners nationwide to improve access to housing.

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