Federal government promises $2.55-billion in low-cost loans to help build rental homes in Toronto

The federal government is promising billions in low-cost financing to help build thousands of rental homes in Toronto, including more than a thousand affordable units.

Ottawa says it will provide $2.55-billion in financing through its Apartment Construction Loan Program, to be administered by the Canada Mortgage and Housing Corporation.

The city says the money will go toward building more than 4,800 rental homes, of which at least 1,075 will be affordable housing.