Canada's Condominium Magazine
Peter Milczyn, Minister of Housing and Minister Responsible for the Poverty Reduction Strategy, announced the much-anticipated investment in social housing repairs and improving affordable housing. The good news is the timing — over $2 billion invested over the next three years.
“Helping Ontario’s most vulnerable find stable housing is critically important to our goal of ensuring everyone in the province has a safe place to call home,” said Peter Milczyn. “By channelling proceeds from the carbon market into the modernization of social housing buildings, we are improving the lives of tenants while taking important steps to reduce greenhouse gas emissions that will benefit us all.”
The new funding helps fulfil mandates from Ontario’s Fair Housing Plan, Ontario’s Green Investment Fund, and social housing obligations.
The funding covers all of these areas:
- Ontario is investing more than $2 billion over the next three years in affordable and sustainable housing across the province, including millions more for repairs and retrofits to social housing buildings.
- Under the Green Investment Fund, Ontario has already invested $82 million on energy retrofits for high-rise social housing towers of 150 units or more.
- Ontario’s five-year investment of carbon market proceeds to social housing repairs and retrofits in the City of Toronto includes contributions of $43 million in 2016-17, almost $120 million in 2017-18, and up to $180 million between 2018-19 and 2020-21.
- Repairs and retrofits delivered through the first year of the five-year investment are already underway in Toronto Community Housing buildings, as part of its capital repair budget.
- The Climate Change Action Plan and carbon market form the backbone of Ontario’s strategy to cut greenhouse gas pollution by 80 per cent by 2050 while investing in programs that help Ontario families and businesses save money and lower greenhouse gas emissions.
Investing in green
Chris Ballard, Minister of Environment and Climate Change shared the announcement, due to significant new investment in energy retrofits and use of carbon market proceeds:
“Ontario’s Climate Change Action Plan and our carbon market work together to tackle emissions from the buildings sector, the third largest source of greenhouse gas pollution in Ontario. By helping support the improvement of social housing buildings, we are reducing harmful greenhouse gas pollution, increasing the comfort level of tenants, and helping create a fair and cleaner low-carbon future.”