The federal government is investing at least $2.7 billion to build more than 18 housing projects across Toronto.

Prime Minister Mark Carney said at an announcement with Toronto Mayor Olivia Chow today that the federal government will be investing the funds over the next three years.

He said, according to a copy of his remarks, that more than 5,600 new rental homes will be built with the money and that at least 1,800 of them will be affordable or rent-controlled.

The prime minister said construction will begin on roughly 4,500 new homes by the end of the year.

Carney will tour a public transit site in Toronto with Ontario Premier Doug Ford later today.

The federal government earlier this month rejected a proposal to expand Toronto’s city airport to allow jets to land and take off, which led the Ontario government to reconsider its support for Alto, the federal government’s proposed high-speed rail project.