DESCRIPTION
In 2022, the City of Toronto launched its Multi-Unit Residential Acquisition Program, and Raising the Roof became one of its first recipients. The program aims to preserve housing stock at risk of being lost. Toronto lost more than 130,000 affordable units between 2017 and 2021, and when apartment buildings go to the private market, tenants face displacement through redevelopment or steep rent increases. MURA helps stop that loss by enabling non-profit housing providers to buy buildings at risk of rent escalation. Since the program began, Raising the Roof has received funding each year to acquire three buildings in Keelesdale and Scarborough, protecting homes for more than 100 tenants. In the latest third round, RTR was awarded $7.8 million to preserve an additional 41 units in Toronto. RTR is now assessing properties to ensure those funds secure the greatest possible impact.
DETAILS
Property Id
Phase
Development
Affordability Framework
80% MMR
Target Completion Date
02-28-2026
Total Project Cost
$16,500,000
Total Units
55
Affordable Units
55
Populations Served
Homelessness
Project Funding
Funding Required
$400,000
Funds Raised
$16,100,000
Use of funds
The funds will be used to increase the amount of units able to be preserved as affordable for the next 100 years. Raising the Roof was awarded MURA funding from the City of Toronto to preserve 41 units. There is an opportunity to purchase a 55 unit building, exceeding the MURA program's expectation for the funding, by only expending a relatively small amount of additional captial. For only $400,000 more, Raising the Roof will be able to preserve 14 more units of desperately needed units of affordable housing in Toronto and operate them for the next 100 years. Raising the Roof has the property under contract with an agreed upon acquisition cost and a close date of February 2026, pending Raising the Roof waiving conditions in December 2025.
