2020.MM25.32

Background

As a part of an initiative by the Government of Canada to “create new affordable rental housing in response to the urgent housing needs of vulnerable and marginalized individuals” including modular housing, the contribution made by the city of Toronto to the “The Rapid Housing Initiative (RHI)” must “create a minimum of 417 units of new
permanent affordable housing” which will be accomplished through $203,265,729 in funding from the “Canada Mortgage and Housing Corporation (CMHC).”
 

Source: City of Toronto

Item Description

This policy involves the creation of “the Investment Plan” which includes “outlining units that can be available for occupancy within twelve (12) months.” It also includes $203,265,729 of funding being approved “to support the acquisition by the City of real estate interests suitable for the Rapid Housing Initiative, the purchase of modular housing, related pre-development and pre-construction costs (e.g. community engagement, planning, communications, environmental site assessments, cost consultant reports, permits, architectural or engineering reports, appraisals, legal/closing costs related to acquisition of land and buildings).” In addition, it is discussed that 800 of the homes developed will receive an exemption from “development charges, planning and permit fees, parkland dedication and property taxes.”

Source: City of Toronto

Proposed by

Mayor John Tory, seconded by Councillor Ana Bailão