Ottawa: Prime Minister Justin Trudeau says Toronto is getting 471-million-dollars from the federal Housing Accelerator Fund.
The fund is designed to encourage municipalities to change their bylaws and regulations in order to speed up housing construction.
Trudeau says the money will let the city fast-track 12-thousand new homes over the next three years and well over 50-thousand new homes over the next decade.
It will allow for more housing options in the city, including multiplexes of up to four storeys and four units. City council has also committed to considering six units as-of-right in the new year. The agreement will allow for more apartment buildings, encourage below-market rentals, speed up development processes, and help build new affordable rental units near public transit stations. As part of the agreement, Toronto will work to streamline zoning bylaw approvals, expand affordable rental programs, cut red tape, and unlock non-market housing.