Ottawa announces $2.5-billion in loans for rental housing in Toronto

The federal government is committing more than $2.5-billion in loans to support rental housing in Toronto, a stronghold for the Liberals, ahead of an expected election call.Minister of Housing, Infrastructure and Communities Nathaniel Erskine-Smith on Wednesday announced “low-cost financing” for mixed-income apartments in the City of Toronto. These include seven rental housing projects with a total of 4,831 rental homes; among them, 1,075 will be below-market rentals.Toronto Mayor Olivia Chow touted the deal as a sign of an improved relationship with Ottawa, saying the new financing will unstick the city’s “frozen” pipeline of new housing.