Feb 1, 2019
Toronto City Council Approves the Housing Now Initiative
This week, Toronto City Council approved the Housing Now Initiative which would create more affordable housing in Toronto.
Here is the official press release from the City.
To further its goal of creating affordable housing, the City will be releasing 11 sites for redevelopment. Real estate professionals should take note that the first four sites that will be made available for market redevelopment are 777 Victoria Park Ave., 50 Wilson Heights Blvd., 140 Merton St. and 3741 Bloor St. W./part of 925 Kipling Ave. The remaining seven sites will be made available in 2020-21.
Housing Now will provide financial incentives in support of the creation of 3,700 affordable homes, including relief from development charges, building permit fees, planning application fees and parkland dedication fees as well as property taxes for the term during which the rents will remain affordable. The sites will be offered to non-profit and private organizations likely on long-term leases for the rental housing component
We have provided below links to relevant material.
Link to Council Meeting Agenda Item on Housing Now Initiative
Link to Toronto Star article
Link to a presentation from yesterday's meeting by the Deputy City Manager on the initiative.
Link to a map that shows an overview of all 11 properties from Housing Now Toronto who also did a presentation.
Robins Appleby Affordable Housing Team