Multi-Unit Residential Acquisition (MURA) Program Update

The City's Multi-Unit Residential Acquisition (MURA) Program was launched in 2021 to support the purchase, renovation/conversion and refinancing of rental homes to create permanently affordable rental homes. Multi-Unit Residential Acquisition provides financial support to non-profit housing organizations (including community land trusts), non-profit housing co-operatives ("Co-ops"), and Indigenous housing providers (collectively referred to as "Community Housing Providers") to purchase and preserve existing rental housing properties. This includes grant funding, property tax relief and planning and building permit fee waivers. To support the City's commitment to truth, justice and reconciliation and create more "For Indigenous, By Indigenous" housing outcomes, 20 percent of Multi-Unit Residential Acquisition funding is provided to Indigenous-led housing organizations. Multi-Unit Residential Acquisition is implemented through an annual Request for Proposal Process (RFP) to select and pre-qualify experienced and qualified Community Housing Providers. Through MURA's 2022 and 2023 RFPs, the City awarded $64.1 million in funding to 15 Community Housing Providers to preserve the affordability of some 368 rental homes. The 2024 Multi-Unit Residential Acquisition Request for Proposal Process resulted in successful proposals from 17 Community Housing Providers, representing 19 properties and over 700 rental homes through the award of $102 million in grant funding. The funding is comprised of $101 million in MURA funding approved as part of the 2024-2033 capital plan along with $20 million from the Provincial Building Faster Fund, slated for approval through the 2025 Capital budget process. The funding is comprised of funds from the provincial Building Faster Fund, the federal Housing Accelerator Fund, the City's Vacant Homes Tax funding, and CreateTO dividend funding. This funding will allow all successful proposals under the 2024 Request for Proposal Process to proceed while leaving $18 million remaining to support a forthcoming 2025 Multi-Unit Residential Acquisition Request for Proposal Process. Future federal and provincial funding programs will be pursued and prioritized to support the 2025 and subsequent Multi-Unit Residential Acquisition Request for Proposal Processes, and will be reported to Council through Budget variance reports, Council's Budget process, or through a stand-alone staff report. Multi-Unit Residential Acquisition will continue to support the delivery of the City's HousingTO 2020-2030 Action Plan and targets in partnership with the community housing sector. Securing long-term affordable rental homes will reduce pressure throughout the housing system, improve housing affordability for lower and middle-income households, and support complete communities. New and enhanced investments from all orders of government are needed to ensure more rental homes are preserved and continue to serve future generation of residents in all neighbourhoods across Toronto.