The Creative Housing Society, an independent non-profit group to be based in Toronto, wants to build 50,000 units of affordable housing in Toronto and Vancouver.
According to a report in the Globe and Mail, the federal government is looking at the developer’s plan valued at as much as $14-billion that could become a big part of Ottawa’s national housing strategy.
The founding partners of Creative Housing would be Westbank, Canadian Mortgage and Housing Corp. (CMHC), Allied Properties REIT and an investor such as a pension fund. The project would be open to other investors. The plan is to leverage public money with private-sector investments, according to the proposal.
Creative Housing is looking to build 50,000 units, mostly rental. They would be designed for median-income households, workers such as teachers and bus drivers.