Photo Credit: Wikimedia Commons

TORONTO 🏠💵 City Of Toronto Launches $21.5 Million Request for Proposals for Multi-Unit Residential

Sunday, 16 April 2023 12:00.AM

City of Toronto launches $21.5 million request for proposals for Multi-Unit Residential Acquisition program to protect affordable rental housing

The City of Toronto launched its second annual request for proposals (RFP) for the Multi-Unit Residential Acquisition (MURA) program to protect affordable rental housing for Toronto residents.

This RFP provides $21.5 million in City funding and incentives to qualified non-profit housing providers, including Indigenous housing providers, cooperatives and community land trusts.

Over the past year, the MURA program supported six housing providers who secured 140 rental homes for low- and moderate-income Toronto residents. This year’s call will allow the City, through its MURA program, to continue to support the non-profit housing sector to purchase, renovate and operate rental properties for Toronto residents with low to moderate incomes. These homes will be secured as affordable housing for at least 99 years and contribute towards achieving or exceeding the provincial housing target of 285,000 new Toronto homes and the City's target of the approval of 40,000 new affordable rental homes with 18,000 supportive homes to help increase housing stability for Toronto residents over the next 10 years, as outlined in the HousingTO 2020-2030 Action Plan: http://www.toronto.ca/hou....

Eligible properties include small apartment buildings of up to 60 units and multi-tenant houses (also known as rooming houses) where affordable rental housing is at risk of being lost. Under MURA, apartment buildings are eligible for up to $200,000 in acquisition and renovation funding per unit; multi-tenant houses are eligible for up to $150,000 per dwelling room.

To further the City’s commitments to truth, reconciliation and justice, 20 per cent of the annual MURA funding allocation will be dedicated to supporting acquisitions by Indigenous housing organizations for Indigenous peoples.

In addition to protecting existing rental properties and creating permanent affordable rental homes, MURA:
• improves housing stability for current and future tenants
• improves the physical conditions of buildings
• increases capacity in the non-profit and Indigenous housing sectors
• ensures the long-term financial sustainability of the homes

MURA is implemented through an annual open call for proposals process to select and pre-qualify non-profit housing providers. Once approved, groups are provided with a conditional letter of commitment for funding from the City. Funding for security deposits and pre-acquisition work will be provided to pre-qualified organizations, allowing them to move quickly to secure properties available for purchase.

More information on the request for proposals for MURA and details regarding a virtual information session on April 25 at 9:30 a.m. are available on the Open Requests for Proposals webpage: https://www.toronto.ca/co.../.

“Increasing available affordable rental housing is critical to the continued success of Toronto. I encourage qualified non-profit housing providers, cooperatives, and community land trusts to apply for the $21.5 million in City funding and incentives available this year through the Multi-Unit Residential Acquisition Program. This is one way the City is working, with our community partners, to help protect affordable rental housing for Toronto residents. In its first year, MURA has already demonstrated its capacity to make a real impact on peoples' lives, and it will continue to support non-profit organizations to acquire properties, protecting and creating affordable housing in the City while increasing capacity in the sector.”
– Deputy Mayor Jennifer McKelvie (Scarborough-Rouge Park)

SOURCE: City of Toronto

* * *
 
  More News