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Today, the City of Mississauga announced $44 million in funding to support the construction of over 1,400 new rental units across eight developments. The investment, part of the City\u2019s Affordable Rental Housing incentive program, aims to expand access to affordable housing by delivering nearly 400 units with below-market or affordable rents. This funding is expected to fast-track purpose-built rental construction and provide much-needed options for residents seeking stable, secure housing.<\/p>\n
“This funding represents a transformative step forward in addressing Mississauga\u2019s housing crisis,\u201d said Mayor Carolyn Parrish. \u201cWe\u2019re providing real solutions for residents struggling to find secure and affordable housing.”<\/p>\n
The incentive program, approved by Mississauga City Council in July, 2024, offers financial support to developers. Funded in part by the federal Housing Accelerator Fund, the program targets shovel-ready projects expected to begin construction within two years. Developers selected for funding will receive grants of $130,000 for each affordable unit and $60,000 for each below-market unit, along with waivers and grants for certain municipal fees. To ensure long-term affordability, units supported through the program must meet minimum size requirements and remain affordable for at least 25 years.<\/p>\n “The strong interest in this program from both non-profit and private sector developers shows that financial incentives can be a powerful tool to stimulate construction during a housing crisis,\u201d said Andrew Whittemore, Commissioner, Planning and Building.<\/p>\n Eight developments across six Mississauga wards have been selected to receive funding, delivering a total of 1,450 new rental units, including 261 affordable units, 123 below-market units, and 200 family-sized units with two or more bedrooms. The approved projects include:<\/p>\n “Our Tomken Road project will feature a lush urban landscape and carbon-free operations creating beautiful, healthy, and resilient homes built for the future,\u201d shared Tim Blair & David Constable, Co-founders of Kindred Works<\/a>.<\/p>\n Mississauga\u2019s rental housing market has long struggled to keep pace with demand, with only 2,200 new rental units added since 2005. Much of the city\u2019s recent residential growth has been dominated by condominium developments, where many units end up serving as rentals but lack the same long-term security as dedicated rental buildings. Purpose-built rentals, designed specifically for the rental market, offer greater stability for tenants. Increasing their supply is a priority under Mississauga\u2019s housing plan and the Mayor\u2019s Housing Task Force.<\/p>\n With funding now approved, City staff will continue working with developers to ensure their projects meet all eligibility requirements as they move toward securing building permits. Once permits are issued, funding will be released approximately one month later to support construction.<\/p>\n UrbanToronto will continue to follow progress on these developments, but in the meantime, you can learn more about them from our Database files, linked below. If you’d like, you can join in on the conversation in the associated Project Forum thread or leave a comment in the space provided on this page.<\/p>\n * * *<\/p>\n UrbanToronto has a research service, UTPro<\/a>, that provides comprehensive data on development projects in the Greater Golden Horseshoe \u2014 from proposal through to completion. We also offer Instant Reports<\/a>, downloadable snapshots based on location, and a daily subscription newsletter, New Development Insider<\/a>, that tracks projects from initial application.\u200b\u200b\u200b<\/p>\n