2020.CC21.3
Creating New Affordable Housing Opportunities through Phase Two of the Housing Now Initiative
Background
The “Housing Now Initiative” involves the approval of affordable housing developments “to increase the supply of permanent affordable housing for low-and moderate income residents” which will support targets made in “the HousingTO 2020-2030 Action Plan.” Around “10,750 new residential units with approximately 7,800 being purpose-built rental housing, including almost 3,900 affordable rental units” will be built as a part of “Phase One” of this initiative. “Phase Two Sites” includes about “1,455 and 1,710 new residential units to the program, including approximately 1,060 to 1,240 purpose-built rental units with approximately 530 to 620 being affordable rental units.”
Source: City of Toronto
Item Description
“City Council approve an overall development target across the Phase Two Sites including a minimum of one-third affordable rental units (with average rents not to exceed 80 percent of annual Canada Mortgage and Housing Corporation average market rent), a minimum of one-third market rental housing, and a maximum of one-third ownership homes.”
Source: City of Toronto
Proposed by
Deputy City Manager, Community and Social Services and Deputy City Manager, Corporate Services