A recent forgivable loan from the Canadian Mortgage and Housing Corporation (CMHC) will ensure that residents of the Homewood Mansions near Carlton and Jarvis streets can continue to live in safe buildings. The CMHC has passed down $762,000 in funding for the 67-unit rental apartment at 1 Homewood Ave. and $528,000 for a 44-unit rooming house at 7 and 9 Homewood Ave. The money is part of an initiative to help ensure that Toronto maintains a certain number of affordable housing units. "Part of the review we do before giving out funding is to determine if, in fact, the tenants are lower-income earners and if, in fact, the rents are kept below a certain level," said CMHC spokesperson Mark Salerno. "We want to ensure that the buildings remain safe to live in and that we retain an affordable housing stock in the city." While the funding comes in the form of a loan, Salerno said that the CMHC will forgive the loan provided certain conditions are met. First, the money must
StratfordMortgageBroker.ca - Mortgage Wellness Subscribe to this News Feed