Toronto has awarded $21.5 million in Multi-Unit Residential Acquisition (MURA) program funding to five non-profit housing agencies. The funding will enable the purchase and conversion of approximately 121 private market rental housing units to permanently affordable rental homes, the City said in a news release.
“The City continues to build new affordable housing as quickly as possible. This work is being done in tandem with purchasing and securing existing rental housing buildings as long-term, non-profit affordable housing. There are five additional approved, but unfunded proposals,” the statement read. “With investment of $22.4 million from other orders of government, as well as philanthropists, the City could advance these acquisitions, securing approximately 129 more permanently affordable rental homes.”
The MURA program provides funding to not-for-profit housing providers to preserve existing affordable rental housing stock for Toronto residents. Since its 2021 launch, it has funded not-for-profit agencies to secure approximately 261 permanently affordable homes in neighbourhoods across the City, official said. In doing so, MURA contributes towards achieving Toronto’s target of approving 40,000 affordable rental homes, including 18,000 supportive homes, by 2030.
Twenty per cent of MURA homes will be tenanted by households on the City’s Centralized Waiting List for Rent-Geared-to-Income housing, which will be provided with monthly housing benefits.
To further Toronto’s commitment to truth, reconciliation and justice, a minimum of 20 per cent of the annual MURA funding allocation is dedicated to supporting acquisitions by Indigenous housing organizations for Indigenous peoples. Two of the five non-profit housing agencies awarded 2023 MURA funding are Indigenous, with proposals representing 33 homes. To date, 30 per cent of MURA’s funding has been allocated to support the acquisition of 45 affordable rental homes by Indigenous housing groups.
Mayor Olivia Chow says renters are feeling insecure. Evictions, renovictions and skyrocketing rents make it harder for people to find and stay in housing they can afford. It is more challenging than ever to be a renter in Toronto.
“I’ve committed to expanding the MURA program to $100 million to secure over 600 more affordable homes for people each year,” Chow stated. “To help make it a reality, I’m calling on partnership from other levels of government. By helping non-profits, land trusts and co-ops acquire homes, we can keep them affordable forever and give people more opportunities to find housing they can afford.”
