The Rapid Housing Initiative (RHI) is a federal capital funding program which aims to create new affordable rental housing within an expedited time frame for people experiencing or those at risk of homelessness. This program has been critical in scaling up the supply of deeply affordable homes primarily through modular construction, acquisitions and/or conversions. In November 2022, the federal government announced the third phase of RHI which will allocate: $500 million nationally to municipalities under the Cities Stream — and $1 billion nationally via an applications-based process to provinces, territories, municipalities, Indigenous governing bodies and organizations, and non-profit organizations. Eligible projects must be delivered within 18 months and the City is required to submit an investment plan to the Canada Mortgage and Housing Corporation (CMHC) by March 15, 2023 with a list of potential projects for funding consideration. In order to meet the March 15, 2023 timeline, staff are reviewing a number of City-owned sites which might be appropriate to building modular homes, and potential acquisition opportunities including a few existing shelter hotel sites. As part of these efforts, it is critical that public lands owned by City agencies, boards and corporations, including Toronto Community Housing Corporation, be explored. It is also pivotal that the federal and provincial governments invest their surplus land holdings in order to scale up housing supply in Toronto.
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