A new $1.3 billion fund, the GTA Rental and Affordable Housing Initiative, has launched to address the Greater Toronto Area’s housing challenges. Spearheaded by High Art Capital and the Building Ontario Fund (BOF), the initiative plans to acquire blocks of newly completed, unsold condo units and convert them into long-term rentals. The goal is to create 2,200 rental units, including approximately 550 affordable units offered at below-market rates. This move comes as Urbanation reports a significant increase in unsold condo units in the GTHA, up 131% year-over-year, highlighting a potential opportunity to stabilize the market. The initiative aims to provide housing options for the GTA workforce priced out of market rents. Developers can now submit eligible projects through a dedicated portal. For full details, visit storeys.com.
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