Home / Business and Economy / Toronto Boosts Rent Bank by $2.6M to Aid 600 More Households
Toronto Boosts Rent Bank by $2.6M to Aid 600 More Households
14 Jan
Summary
- Toronto adds $2.6 million to its rent bank program.
- The funding aims to help 600 additional households stay housed.
- This investment aims to prevent homelessness and its associated costs.
Toronto has announced an additional $2.6 million in funding for its rent bank, a program designed to assist residents with rent payments, arrears, or securing new housing. Mayor Olivia Chow stated this boost will help an estimated 600 more households, bringing the total expected beneficiaries to over 3,000 by 2026. The city's total budget for the program this year is $10.8 million.
Mayor Chow highlighted the program's role in affordability, stating, "When we invest in keeping people housed, we're making Toronto more affordable for everyone and we're preventing the far greater cost of homelessness." Dr. Andrew Boozary of the University Health Network (UHN) echoed this sentiment, emphasizing "housing is good health care" and that stable housing acts as preventative medicine, reducing the risk of homelessness and its severe health consequences.
This announcement coincides with UHN's launch of Canada's first hospital-based homelessness and eviction prevention program in December, supported by donors. This $1 million program offers one-time rental assistance to low-income UHN patients at risk of eviction. While advocates welcome the increased rent bank funding, they note it is a small step toward addressing Toronto's broader affordable housing crisis.
