TORONTO — The province of Ontario is investing up to $657 million for repairs and retrofits to social housing apartments over five years, with the City of Toronto receiving half of the total commitment.
Peter Milczyn, the minister of housing and the minister responsible for poverty reduction, was in Toronto Aug. 24 to make the announcement and added the funding is contingent on carbon market proceeds.
The proceeds, by law, must be invested into programs that help households and businesses reduce greenhouse gas emissions and save money on energy costs, explains a release. These programs include home energy retrofits, public transit, social housing retrofits and electric vehicle incentives and infrastructure.
"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," said Milczyn in a statement.
This particular investment will provide new energy efficient heating, improved insulation and window replacements.
The City of Toronto funding 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, the province states. The repairs and retrofits delivered through the first year of the five-year investment are already underway in Toronto Community Housing buildings.
The province's investment is part of the broader Climate Change Action Plan which is included in Ontario's strategy to cut greenhouse gas pollution by 80 per cent by 2050.