Members of Toronto's municipal government and federal MPs announced today that the Mirvish Village development will now include 366 affordable housing units thanks to new federal funding.

During a press conference at the construction site where beloved store Honest Ed's once stood, Social Development Minister Ahmed Hussen said the federal government has agreed to provide an additional $200 million of funding from the Canada Mortgage and Housing Corporation (CMHC).

Pleased to join the federal government today, to announce $200 million in federal funding to help finance the construction of six rental residential buildings with 916 rental units here in Mirvish Village. Building on the work we continue to do to invest in affordable housing. pic.twitter.com/FWAgqwPmOf — John Tory (@JohnTory) January 16, 2020

When completed, the development will consist of six buildings, all under 30 storeys, with a total of 916 rental units — 30 per cent of which will be affordable.

Originally, only 85 of these units were set to be affordable rental homes, with 32 of them designated for seniors.

The newly announced federal funding means it will instead include 366 affordable units, with 100 of them costing just 80 percent of the average market rent in Toronto.

The other 266 will be priced at or below 30 per cent of median household income.

More cash from feds being announced for rental buildings at future Mirvish Village site. $200M to developers from CMHC. pic.twitter.com/hl6VqKCBRL — Mark McAllister (@McAllister_Mark) January 16, 2020

According to City Councillor Mike Layton, these affordable units will be scattered throughout the project and will be of the same quality and design as market rent units.

"Investing in affordable housing is the most important thing we can do to build a liveable city," Layton said in a statement.

"My hope is that today’s announcement shows what is possible for new developments in Toronto when we come together to work for what is best for people in our city."

To address Toronto's housing needs, partnership is essential. Minister @HonAhmedHussen understands this and the need for affordable rental. The investment of $200m for purpose-built rental in Mirvish Village will create 266 units 30% below median income, and 100 at 80% affordable pic.twitter.com/lWMlyzjwy3 — Ana Bailão (@anabailaoTO) January 16, 2020

Beloved discount store Honest Ed's was sold back in 2013 and officially closed its doors on December 31, 2016.

During today's press conference, Hussen said he shopped at Honest Ed's when he was new to Canada because it was all he could afford.

He added that it's important to ensure the development taking its place provides much-needed affordable housing to residents of this city.

In addition to rental units, Hussen said the development will also include a public park, a marketplace, community services, micro-retail spaces, an outdoor performance venue and public art installations curated in partnership with David Mirvish — the son of Ed Mirvish who founded Honest Ed's.

"Today’s announcement is another great example of what can be accomplished when governments work together," Tory wrote on Twitter following the announcement, "and I want to thank the federal government for their continued commitment to helping make sure residents in Toronto have access to safe, secure and affordable housing."