Dream announced it has successfully secured a $153-million loan under CMHC’s new MLI Select insurance product to finance affordable units and energy retrofits at the Residence at Weston apartment complex in Toronto.
The new MLI Select multi-unit insurance product, released earlier this year, uses a points-based system to incentivize a borrower’s commitments to social and climate-related outcomes. Designed with support from Dream, the product will assist building owners as they set out to transform their aging buildings into resilient, affordable, and accessible homes working with their approved lenders.
Using the funds, Dream has already begun converting 137 units at the Residence at Weston to affordable units and retrofitting the building to achieve its decarbonization targets. Work includes: implementing new boilers, mechanical and plumbing systems; enhancing balcony insulation; and, installing high-performing doors and windows.
Residence at Weston, part of the Weston Common mixed-use complex in the Weston Mount Dennis neighbourhood, is a 30-storey rental tower built in 1974. The retrofit is expected to take place over the next two years with minimal disruption to building residents.
“We’re so pleased to work with Dream and TD to bring more affordable housing to Toronto,” said Romy Bowers, President and CEO of CMHC. “The introduction of MLI Select is another important tool that will help transform existing supply into sustainable and affordable housing across the country.”
“Apartment complexes like Residence at Weston require a meaningful approach to ensure they are healthy and resilient homes for generations to come,” added Michael Cooper, President and Chief Responsible Officer at Dream. “Our work at Residence at Weston serves as an example that retrofits are a critical piece of our housing stock and can preserve much-needed affordable and accessible housing while addressing climate change,” “The most sustainable building is one that already exists, and it’s incumbent on us all to find new ways of working with what we have and bring them up to a high level of performance.”
New programming also coming
In addition to the announcing these upgrades, Dream unveiled new programming that will soon be coming to Weston Common using funding from the Dream Community Foundation. Programs are set to launch in April, including free community fitness classes, free weekly breakfast and coffee socials, and subsidies for Toronto’s Bike Share memberships. Later this spring, additional programming will be rolled out, including free art classes for seniors and youth, free skills training classes, and free tutoring and homework help for yonger residents.
According to Dream, these programs showcase a “first-of-its-kind model” whereby a building owner has electively integrated a robust range of not-for-profit programming within a mixed-income community. The programs will be delivered by a dedicated Community Ambassador on-site at Weston Common, as well as non-profits partners.
“These programs have been created alongside Weston Common residents who expressed a desire for a diversity of programming and strong social connections within the Weston-Mount Dennis neighbourhood,” said Krystal Koo, Chair of the Dream Community Foundation Board. “We are excited to introduce an extensive slate of year-round programs and services that can improve socio-economic, health and cultural outcomes for all residents.”
