When the CMHC introduced their MLI Select mortgage insurance product in March last year, they also introduced a median renter income index, which is used by them to measure affordability. When we applied that criterion across all of the units in the REITs' portfolio, roughly about half met that criterion. We cater to all needs, so we have higher-price units and we have lower-price units.
On the development side of things, it is virtually impossible to develop in urban environments and provide affordable units without some type of government assistance. The firm that I work for, Minto, is constructing an affordable building in Etobicoke in Toronto with the help of two levels of government. A Richco project at 610 Martin Grove is being built in partnership with the City of Toronto's open door program, where they provide a capital grant and a waiver of property taxes on an ongoing basis, and it is being financed through CMHC's rental construction financing initiative. We are able to provide 100 deeply affordable units that meet the City of Toronto's criteria, and the balance of the building meets CMHC's RCFI criteria.
I look at this as an example of the private sector working with two levels of government to produce something that works for everyone and delivers socially desirable outcomes. We would do more of these projects if the funding were available.