– Announced on National Housing Day, the goal is to achieve the best possible outcomes for community members who face economic, social and health-related barriers to maintaining affordable housing –
TORONTO, November 22, 2021 /CNW/ – Values-driven developer Castlepoint Numa Inc. and WoodGreen Community Services announced today, on National Housing Day, a strategic partnership to deliver and manage 300-400 new affordable housing units at Toronto.
Divided into four projects slated for completion in the next three to ten years, these units will provide housing to the low and middle income segments of from Toronto rental market.
“This has been ongoing for several years and began with agreements with the city at our waterfront sites that demonstrated that delivering affordable, meaningful housing without government subsidy can work on private sector land,” said Elsa Fancello, vice president of planning and development at Castlepoint Numa.
Affordable units – which will be priced around 80% of the average market rent (AMR) in Toronto – are delivered without any direct government subsidy. Under a Memorandum of Understanding (MOU), Castlepoint Numa and its partners will retain ownership and leverage WoodGreen’s experience to assist in the delivery and management of the affordable units.
“Our goal is to achieve the best possible outcomes for a diverse mix of tenants who face economic, social and health-related barriers to accessing and maintaining affordable housing,” said Anne Babcock, CEO and President of WoodGreen. “We want to demonstrate that strategic partnerships like these can have a meaningful and lasting impact on people’s lives.”
“Collaboration is key to effectively addressing housing challenges in our city and the partnership between Castlepoint Numa and WoodGreen is the type of cooperative approach that brings together experience, innovation and commitment as we all work together to provide affordable housing,” the deputy mayor said. Ana Bailao (Davenport), mayor by John Tory Designated Housing Advocate.
In view of from Toronto new affordability mandate, Fancello added that she believes Castlepoint Numa’s partnership with WoodGreen will be “a catalyst for many other similar alliances between developers and social and community service providers”.
Recently introduced legislation called inclusive zoning will require condo developers to set aside 5-10% of new units near major transit hubs for affordable rentals or affordable homes starting in 2022. This represents a tremendous opportunity for co-owners. developers to partner with non-profit housing providers.
“Castlepoint Numa and WoodGreen have taken a step ahead of the curve for inclusive zoning, with these new units committed before the legislation takes effect,” said Alfredo Romano, President of Castlepoint Numa. “The private sector must be fully engaged if we are to move the needle.” Agreeing, Mwarigha, WoodGreen’s vice president of housing, pointed out that this model offers a cost-effective solution for housing low- and middle-income families in a mixed-income community setting.
The first project between Castlepoint Numa and WoodGreen will be a 108 unit rental building with 10-15 affordable apartments located at 72 Perth Avenue. Its completion is scheduled for the fourth quarter of 2024.
About Castlepoint Numa Inc.
Castlepoint Numa is a leader in the property development industry across the Greater Toronto Area and select markets in United States with 5.5 million square feet of development currently underway. It is a values-based property development company with expertise in heritage preservation and adaptive reuse, brownfield reclamation and regeneration of major urban development sites. The Castlepoint Group was founded in 1988. For more information: castlepointnuma.com
About WoodGreen Community Services
WoodGreen is an innovative multi-service organization providing affordable rental housing to low and middle income people in combination with social programs. These include childcare, elder support, housing, employment services, homelessness services, immigrant and mental health supports. Founded in 1937, WoodGreen has grown to become one of the largest nonprofit housing providers in Toronto serving more than 37,000 individuals and families each year. For more information, visit woodgreen.org.
SOURCE Castlepoint Numa Inc.
For further information: Jen Mayville, Marketing & Communications Manager, [email protected], (437) 226-8091, woodgreen.org; Jasmine Frolick, [email protected], (647) 616-2810, www.castlepointnuma.com