More affordable housing is coming to the 6ix. Canada's federal government has pledged $200 million of funding towards establishing affordable housing units at the former Honest Ed's Toronto site. They plan to maintain the area to "stay true to its roots."

According to CBC, there will be a total of six buildings with 916 units constructed in total at the location where the popular store used to reside. 366 of those will actually cost less than one-third of the median Toronto income.

The project has been dubbed "Mirvish Village" after Honest Ed's founder and longtime owner Ed Mirvish.

"Every Canadian deserves a safe and affordable place to call home," reads part of a tweet from Social Development Minister Ahmed Hussen.

"Today's announcement of 900 new rental units in what was once Honest Ed’s, will help more families thrive in #Toronto."

The plan was announced on Thursday, January 15 at the historic site. Toronto Mayor John Tory, Canada’s Deputy Prime Minister Chrystia Freeland, and MP Adam Vaughan were among those in attendance.

"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," said Tory in a tweet.

"Building on the work we continue to do to invest in affordable housing."

The news of more affordable housing in the city should go down well, particularly given it comes after news that house prices in Toronto have increased by virtually an average annual salary in the city.

According to the CBC, Hussen says that the "Mirvish Village" project will ensure the location remains an immigrant-friendly and low-income part of the 6ix.

“As a new refugee to Canada in 1993, in my first week I went into Honest Ed’s and bought some clothing, because that’s all I could afford,” Hussen said, according to the Toronto Star.

“Now, it is being transformed into a really amazing project that will provide more affordable housing for people that are living and working in the downtown core.”

Back in June 2019, renderings predicted what the finished Mirvish Village complex might ultimately look like, and it's certainly set to be quite the transformation.

The government says it is intending on 100 units staying at 80% of the average market rate in the city. That would mark a significantly cheaper price than most of the surrounding area of downtown Toronto.

Hussen, who is also part of the Canada Mortgage and Housing Corporation, says that the $200 million funding will come from a rental construction financing initiative.

This development announcement comes just a few weeks after the City of Toronto announced 40,000 new affordable homes will be built by 2030.

It was back in 2017 when Honest Ed's said goodbye to the city, leaving residents with nostalgia and decades of memories over the previous 60 years.

At least, with more affordable housing coming to the area, the popular hub's discount-price legacy should live on.