Houselink and Mainstay MURA-funded acquisition of 194 Vaughan Road
Overview
Managing partner and head of the affordable housing group, John Fox, and senior associate, Rachel Puma, represented Houselink and Mainstay Community Housing on their acquisition of a 3-storey, 22 unit apartment building at 194 Vaughan, Toronto. Houselink and Mainstay Community Housing have committed to maintaining the average affordability across the units at no more than 80% of average market rents for the next 99 years.
The acquisition of 194 Vaughan was partially funded through the City of Toronto “Multi-Unit Residneital Acquisition (MURA) Program”, which provides forgiveable loans that secure 99 years of affordability for the rental units in the buildings selected for funding. Earlier this year, the City of Toronto launched its second annual Request for Proposals for the MURA program, this time with $21.5 million in City funding and incentives available to qualified non-profit housing providers. John and Rachel are thrilled to be assisting various clients with their MURA-funded acquisitions
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