2021.PH28.2

Background

The Housing Now Initiative was approved by City Council in January 2019 to activate City-owned lands to stimulate the development of affordable rental housing within transit-oriented, mixed-income, mixed-use, complete communities. This signature program is a key component of the City's HousingTO 2020-2030 Action Plan and is central to enabling the City to meet its target of approving 40,000 new affordable rental homes, including 18,000 supportive homes, by 2030. Of the overall 40,000 new affordable rental homes, the City has committed to delivering 10,000 using its own land and financial incentives. 

In 2019, as part of phase one of the Housing Now Initiative, 11 properties were approved by City Council to create an estimated 10,000 new homes, including 3,700 affordable rental homes ("Phase One"). In May, 2020, City Council approved six additional sites to be added to the initiative as part of phase two, with the potential to create up to 1,700 additional homes, including up to 620 affordable rental homes ("Phase Two"). 

The total 17 sites across Phases One and Two are currently in various stages of development. Seven sites have progressed through the re-zoning process, three of which have development partners selected with construction estimated to begin by early-to-mid-2022. Additionally, through the planning approval process, the original residential unit targets were exceeded and the program is now on track to create an estimated 13,479 new homes, including 3,037 ownership homes and 10,142 purpose-built rental homes, of which 5,005 will be affordable. The new affordable rental homes to be created under this program will provide much-needed affordable housing options to address a wide range of housing needs and incomes. 

Source: City of Toronto

Item Description

The Executive Director, Housing Secretariat recommends that: 

Land Considerations 

1. City Council direct the Deputy City Manager, Corporate Services and the Executive Director, Corporate Real Estate Management to review, on an expedited basis, the four 

Housing Now Annual Update and Phase Three Page 3 of 25 

sites identified in Attachment 1 (the "Phase Three Sites") to this report, including any prior terms of transfer that have been approved by City Council, and authorize the Deputy City Manager, Corporate Services and the Executive Director, Corporate Real Estate Management to determine, in consultation with the City Manager, whether such terms should be amended in order to achieve the objectives of the Housing Now Initiative. 

2. City Council authorize the Deputy City Manager, Corporate Services, where it is determined such action is appropriate to achieve the objectives of the Housing Now Initiative, to declare all or portions of each of the Phase Three Sites surplus, and to amend any prior declaration(s) of surplus, subject to the retention of those areas and interests as have been determined critical to the operational requirements of a division or agency. 

Source: City of Toronto

Proposed by

Planning and Housing Committee