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WATCH ABOVE: Help for Toronto’s homeless is coming from Ottawa

TORONTO – The federal government has announced it is offering $86 million over five years to the City of Toronto to support community homelessness and housing projects.

Minister of State Candice Bergen, Finance Minister Joe Oliver, Etobicoke-Lakeshore MP Bernard Trottier and Toronto Mayor John Tory made the joint funding announcement at Toronto’s Furniture Bank Friday morning.

The money will go towards supporting the Homelessness Partnering Strategy (HPS), a community-based program aimed at preventing and reducing homelessness.

WATCH ABOVE: MP Joe Oliver lauds the federal government’s “Housing First” initiative to get more homeless people off the streets and back to work while reducing the cost to taxpayers.

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Part of the strategy includes beefing up the “Housing First” initiative that provides those most vulnerable with permanent housing.

“It’s an investment in Toronto’s long-term prosperity,” said Oliver. “We want to help these individuals reenter the work force or enter it for the first time.”

Oliver quotes Covenant House estimate that about 10,000 youths are homeless in #TO over course of each year. — Mark Carcasole (@MarkCarcGlobal) February 13, 2015

Oliver says "huge economic cost" due to homelessness. Healthcare, etc. Says every $10 invested in homelessness saves taxpayers $21. — Mark Carcasole (@MarkCarcGlobal) February 13, 2015

READ MORE: City procures 20 rooms in 2 hotels to use as extra shelter space

WATCH ABOVE: Toronto mayor John Tory said Friday that the city needs to do more to help its most vulnerable citizens try to repair their lives and new funding for the “Housing First” initiative will certainly help.

Mayor Tory had promised to address homelessness with the release of the next city budget in March.

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A draft budget released last month suggests $14.4 million in new funding would go towards the city’s most vulnerable residents, including the homeless.

“It’s not just providing a roof. It’s about giving the most vulnerable the modest help they need to get housing,” Tory said.

.@johntoryTO says five-year spread to this funding is good. Helps agencies do some "planning." Says lump sum funding goes quick. — Mark Carcasole (@MarkCarcGlobal) February 13, 2015