22 Maynard Avenue

Land Trust Secures 36 Affordable Homes in Parkdale

In April 2021, the Land Trust acquired 22 Maynard Avenue, an at-risk 36-unit apartment building, to safeguard this affordable rental housing.

Over the past decade, Parkdale lost more than 28 rooming houses and small buildings to gentrification and renoviction, displacing nearly 350 renters. This acquisition marked a significant step in combating displacement and expanding community-led housing solutions. With this purchase, the Land Trust increased its community-owned affordable rental housing from 15 to 51 units—a 240% growth.

The property is now operated by St. Felix Centre as a non-profit affordable rental housing. Eligible tenants can access deeply affordable housing through Rent-Geared-to-Income (RGI) supplements.

Innovative Funding 

This project was made possible by community action, innovative social financing and direct public investment. In the absence of dedicated acquisition funding, in 2021 the acquisition of 22 Maynard was initially financed through a collaboration between NLT and VanCity Community Investment Bank to create the Preserve and Protect Guarantee Program, an impact investment program that enabled an $8.5 million loan backed by $2.6 million in guarantees from 9 local foundations and values-aligned investors. In 2023, in a major milestone, the City of Toronto’s MURA program provided $5.4 million in funding to enable the Land Trust to repay investors and permanently secure the building as affordable housing.

The City of Toronto’s Executive Director of the Housing Secretariat, Abi Bond, reinforced the importance of this initiative:

“Preserving existing affordable rental housing is one of the most immediate and effective ways to address Toronto’s housing crisis. This acquisition demonstrates the power of collaboration between community land trusts, investors, and government.”

St Felix Centre

22 Maynard is operated by St. Felix Centre (SFC) as affordable rental housing. Eligible tenants can access deeply affordable housing through Rent-Geared-to-Income (RGI) and Habitat Services rental supplements. SFC provides property management to the building and helps tenants to navigate services and resources with a focus on tenants’ well-being, community engagement, and eviction prevention. We uphold high standards in general maintenance and building improvements, working on Capital projects in partnership with the NLT to ensure that we can make the building more accessible and sustainable.

Retrofit and Improvement Plan

The Land Trust has developed a plan for a major building retrofit to enhance conditions, accessibility, and energy efficiency while adding nine new accessible units on a newly constructed fourth floor. Fundraising efforts are currently underway to make this project a reality.

“This Parkdale group’s ownership model keeps rents affordable, one building at a time. Other Toronto neighbourhoods are paying attention” — Toronto Star

“Institutional investors can help with the affordable housing crisis” — BNN Bloomberg

” ‘It was a real relief,’ says tenant of Parkdale non-
profit’s purchase of affordable housing building” — Toronto.com

“36 Affordable Housing Units Coming to At-Risk, Low-Rent Building in Parkdale” – Storeys

Major Donors

• John Murtaugh

Investors & Funders 

• City of Toronto, MURA program
• Van City Community Investment Bank
• Metcalf Foundation
• Atkinson Foundation
• Echo Foundation
• VanCity Community Foundation
• Toronto Foundation
• Bealight Foundation
• Catherine Donnelly Foundation
• Fairmount Foundation
• Parkdale Activity-Recreation Centre