TORONTO, Nov. 22, 2021 (GLOBE NEWSWIRE) -- Values-based developer Castlepoint Numa Inc. and WoodGreen Community Services announced today, on National Housing Day, a strategic partnership to deliver and manage 300 to 400 new affordable housing units in Toronto.
Allocated to four projects slated for completion in the next three to 10 years, these units will provide housing for the low and middle-income segments of Toronto’s rental market.
“This has been in the works for several years and started with agreements with the city on our waterfront sites that demonstrated meaningful, affordable-housing delivery without government subsidy can work on private-sector lands," said Elsa Fancello, vice-president planning and development at Castlepoint Numa.
The affordable units – which will be priced at about 80 percent of average market rent (AMR) in Toronto – are being 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 focus is to achieve the best possible outcomes for a diverse mix of tenants who face economic, social and health related barriers to accessing and retaining affordable housing,” said Anne Babcock, CEO and president of WoodGreen. “We want to demonstrate that strategic partnerships of this kind can have a significant and lasting impact on people’s lives.”
“Collaboration is critical to effectively addressing housing challenges in our city and the partnership between Castlepoint Numa and WoodGreen is the kind of cooperative approach that brings together experience, innovation and commitment as we all work together to deliver affordable housing," said Deputy Mayor Ana Bailão (Davenport), Mayor John Tory's designated Housing Advocate.
In view of Toronto’s new affordability mandate, Ms. Fancello added she believes Castlepoint Numa’s partnership with WoodGreen will be “a catalyst for many other similar alliances between developers and providers of social and community services.”
Recently introduced legislation, called inclusionary zoning, will require condo developers to set aside five-to-10 per cent of new units located near major transit hubs, for affordable rentals or affordably-priced homes beginning in 2022. This presents a tremendous opportunity for condo developers to partner with non-profit housing providers.
“Castlepoint Numa and WoodGreen have jumped ahead of the curve of inclusionary zoning, with these new units committed before the legislation takes effect,” said Alfredo Romano, president of Castlepoint Numa. “The private sector has to be fully engaged if we’re going to move the needle.” In agreement, Mwarigha, WoodGreen’s housing vice-president pointed out that this model delivers a cost-effective solution for housing low and moderate 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 to 15 affordable apartments located at 72 Perth Avenue. It is scheduled for completion in 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 the United States with 5.5 million sq. ft. of development currently in the pipeline. It is a values based real estate development company with expertise in heritage preservation and adaptive re-use, brownfield reclamation and the regeneration of large urban development sites. The Castlepoint Group was founded in 1988. For further information: castlepointnuma.com
About WoodGreen Community Services
WoodGreen is an innovative multi-service organization offering affordable rental housing to persons of low and moderate income in combination with social programs. These include child care, seniors support, housing, employment services, homelessness services, immigrant and mental health supports. Established in 1937, WoodGreen has grown into one of the larger non-profit housing providers in Toronto serving over 37,000 individuals and families annually. For more information, visit woodgreen.org.
For further information:
Jen Mayville, Marketing & Communications Manager
jmayville@woodgreen.org
(437) 226-8091
woodgreen.org
Jasmine Frolick
jasmine@castlepointnuma.com
(647) 616-2810
castlepointnuma.com
