TORONTO -- Ontario has agreed to a $1.4 billion deal with the federal government to help low-income renters afford a place to live.

The announcement was made Thursday morning in Toronto’s Regent Park neighbourhood by the Minister of Families, Children and Social Development Ahmed Hussen, Ontario’s Minister of Municipal Affairs and Housing Steve Clark and Toronto Mayor John Tory.

Ottawa first announced the $4-billion Canada Housing Benefit back in November 2017 as part of its National Housing Strategy (NHS) and Ontario signed the bilateral agreement on housing one year later. Each province and territory is responsible to reach their own deal with the federal government and Thursday’s announcement makes Ontario the first to do so.

“Our government looks forward to working with other provinces and territories to ensure more Canadians from coast-to-coast-to-coast have an affordable, suitable place to live,” Hussen said.

“I have no doubt that more provinces and territories will sign on, now that Ontario has had the first-mover advantage.”

The $2,500 annual rental subsidy will go to anyone who is eligible or currently on a social housing waiting list.

“Having a stable home is incredibly important to everyone’s health and well-being,” Clark said.

“The demand on our community housing system in this province is severely under stress. Our government believes every Ontarian has a right to a safe and stable home. That’s why I’m pleased that we’ve reached this deal with the federal government so that we can work together on Ontario’s housing crisis.”

I was thrilled to join @HonAhmedHussen & @JohnTory this morning to sign the Canada-Ontario Housing Benefit, giving people more choice, and the ability to live closer to supports, including work, school, and family. #onmuni pic.twitter.com/oVvi50Uww3 — Steve Clark (@SteveClarkPC) December 19, 2019

The subsidy will also be available to survivors of domestic violence, human trafficking, people experiencing or at risk of homelessness, Indigenous peoples, seniors and people with disabilities.

“The success of the city, and it is very successful, has pushed up prices—as happens in successful cities,” Tory said.

“But that cannot mean, and it must not mean, from the standpoint of a sound economy, that people who have perfectly good, secure jobs, that happen to be at a particular income level, are forced out of the city.”

The implementation of the Canada Housing Benefit will provide immediate relief to households who are struggling to pay their rents and will ensure they remain housed – which is a very important initiative for the success and prosperity of our city. — John Tory (@JohnTory) December 19, 2019

Clark said that the funding will be available as soon as the next fiscal year.

Those looking to learn more about the benefit are encouraged to contact their local service manager for more information.