Ontario is providing new funding for repairs and retrofits to social housing across the province in order to improve living conditions and fight climate change. This investment is part of Ontario's Climate Change Action Plan and is funded by proceeds from the province's carbon market.
Peter Milczyn, Minister of Housing and the Minister Responsible for Poverty Reduction, was in Toronto today to make the announcement. The province will invest up to $657 million for repairs and retrofits to social housing apartment buildings over five years, contingent on carbon market proceeds. The City of Toronto will receive approximately half of this total investment.
The investment will help improve the lives of low-income and vulnerable tenants with upgrades to social housing buildings such as new energy efficient heating, improved insulation, and window replacements. It also represents an example of Ontario's ongoing efforts to support the transition of homes and businesses to a low-carbon future, while providing the jobs and skills that will allow individuals to thrive in a sustainable economy.
Proceeds from Ontario's carbon market must by law be invested into programs that help households and businesses reduce greenhouse gas emissions and save money on energy costs. Programs include home energy retrofits, public transit, social housing retrofits, and electric vehicle incentives and infrastructure.