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City of Toronto Media Relations has issued the following:
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News Release

November 22, 2024

City of Toronto and Riverdale Co-op open 26 affordable rental homes on National Housing Day

Today, on National Housing Day, the City of Toronto and Riverdale Co-operative Houses (Riverdale Co-op) celebrated the opening of 26 affordable and accessible homes following the redevelopment of 685 Queen St. E.

Previously the site had nine units and now has been transformed into a housing complex with more than twice the density, increasing housing options for Riverdale Co-op members. Through its redevelopment, the property now features studio, one-, two- and three-bedroom self-contained homes, including six universally accessible units and 10 barrier-free units, ensuring that residents can age in place and that those with physical disabilities have suitable housing. 

The project at 685 Queen St. E. received more than $8 million in funding and financial incentives from the City. Additional funding supports are also expected from the provincial and federal governments, showcasing a collaborative approach to creating long-term, sustainable housing solutions.

The redevelopment of the designated heritage property, built in 1904, was completed maintaining the original structure while creating homes designed for long-term affordability and accessibility. Other features include a large community room with kitchenette, rooftop patio, bicycle storage space and a common laundry room.

The 26 new homes are prioritized for returning residents and existing Riverdale Co-op members needing accessible units, with five units exclusively reserved for professional artists. The overall housing charges (rent) are set at 80 per cent of the Average Market Rent (AMR) for a 99-year affordability period. Federal rent supplements will also provide deeper affordability for some residents.

More information on 685 Queen St. E. is available on the Riverdale Co-op website: https://riverdalecoop.ca/685-queen-redevelopment/.

Maintaining and building co-op housing

Through the HousingTO 2020-2030 Action Plan (HousingTO Plan), the City aims to deliver 65,000 new rent-controlled homes including 41,000 affordable rental, 6,500 rent-geared-to-income (RGI) and 17,500 rent-controlled homes. Since 2020, the City has approved more than 23,000 new rent-controlled, affordable rental and supportive homes towards this target. However, the rate of affordable housing starts and completions are not keeping pace with the rate of approvals.

In response, the City launched the Rental Housing Supply Program in June, which allocates capital funding and financial incentives to affordable and RGI rental housing on City-owned lands and lands owned by the community housing sector.

The City has also rolled out a Community Housing Modernization and Growth Strategy which aims to help the non-profit and co-operative housing sector maintain their homes and keep them affordable.

Last fall, Toronto City Council authorized a memorandum of understanding (MOU) with the Co-operative Housing Federation of Toronto (CHFT), providing the organization and its development arm, CHFT Development Society Incorporated, with up to $400,000 in funding to be used for pre-development activities, as well as an additional $100,000 in capacity-building funding to support other co-op boards, develop training and best practices resources and ensure effective governance. The MOU is critical as co-ops across Toronto face significant challenges to maintain their operating agreements and keep their properties in a state of good repair. The City continues to build on this partnership with CHFT to identify and advance redevelopment and intensification opportunities to increase the stock of co-op homes across Toronto.

On November 8, the City launched a call for proposals for the Community Housing Pre-Development Fund (CHPF), which assists Community Housing Providers, Toronto Community Housing Corporation (TCHC) and Toronto Seniors Housing Corporation (TSHC) with the costs of pre-development work related to the development of new rent-geared-to-income (RGI), supportive, affordable rental and rent-controlled homes through interest-free, repayable loan funding. A total of $15 million in funding is available through this call for applications with submissions accepted by the City until February 13, 2025. The call for proposals is published on the City’s website: https://www.toronto.ca/community-people/community-partners/housing-partners/open-requests-for-proposals/?accordion=community-housing-pre-development-fund.

More information on the City’s housing targets and commitment to delivering non-profit co-op housing is available on City’s HousingTO Plan webpage: https://www.toronto.ca/community-people/community-partners/housing-partners/housingto-2020-2030-action-plan/?accordion=progress-reports.

Quotes:

“Co-ops create more than just an affordable home, they create community. In the midst of a housing crisis, it is heartwarming to see members of Riverdale Co-op who were previous residents of this building return to a fully revamped home, and welcome new members to settle in this beautiful space. As we mark National Housing Day, let’s remember that we need to work together and work diligently to ensure housing for all.”
– Mayor Olivia Chow

“I'm so very happy the new Riverdale Co-op housing is complete, bringing more affordable and accessible co-operative housing to Toronto-Danforth. I have worked for many years to get the approvals and funding to get this great project across the finish line. A big welcome home to the residents of Riverdale Co-op who are moving back into their beautiful new building. And a big welcome to Riverside to the all the new residents who will be moving in. The five apartments for artists will add even more vitality to the neighbourhood. Congratulations to the Riverdale Redevelopment Committee, CHFT and to Streetcar for their relentless dedication and hard work to see this project through.”
– Councillor Paula Fletcher (Toronto-Danforth)

“We are absolutely thrilled that our newly re-developed building at 685 Queen St. E. is finally ready for occupancy. A fully accessible building with an elevator is a big plus for our members to age in place, and it will provide much needed affordable rental accommodation for families in Toronto. Incorporated in 1974, Riverdale Co-operative Houses proudly celebrated its 50th anniversary this year. What a momentous time to add 26 new units to our existing portfolio of 115 units over 28 properties in the east end of Toronto. Individuals and families join our co-op as members and agree to participate in the life and work of running the co-operative. We're enormously grateful for the generosity of the City of Toronto for their assistance in the re-development of 685 Queen St. E. and this opportunity to make a greater contribution to affordable, co-operative living in our city.”
– Carol Watson, member, Riverdale Co-op and Co-Chair, 685 Queen St. Redevelopment Committee

“Congratulations to Riverdale Co-operative for expanding its vibrant community in this, its 50th anniversary year. On behalf of the 50,000 people who already enjoy the safe, secure, and affordable housing that co-ops provide, we welcome 26 more households to the co-op housing sector.”
– Tom Clement, Executive Director, Co-Op Housing Federation of Toronto

Toronto is home to more than three million people whose diversity and experiences make this great city Canada’s leading economic engine and one of the world’s most diverse and livable cities. As the fourth largest city in North America, Toronto is a global leader in technology, finance, film, music, culture and innovation and climate action, and consistently places at the top of international rankings due to investments championed by its government, residents and businesses. For more information visit the City’s website or follow us on Twitter, Instagram or Facebook.

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Media contact: Media Relations, City of Toronto, media@toronto.ca

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