Toronto city council has decided to put aside a little over $12 million toward the creation of 651 affordable housing units. This is hardly expected to put a dent on the issue of housing in an increasingly expensive city like Toronto. To truly own the problem of housing, all levels of government would have to put in place policies that would lead to the creation of thousands of affordable units.
Toronto Mayor John Tory says a report to be considered by council in October will recommend that the city approve eight new development proposals that would create 651 affordable homes.
The city will offer about $38 million worth of financial incentives under its Open Door Program.
Incentives from the city include breaks in development charges, building permits, planning fees and municipal property taxes. The combined average of these incentives is about $58,850 per home.
All eight proposals follow a call for affordable rental housing applications, between February and May this year, as part of the program, which was established to create more affordable rental housing in Toronto. Three of eight proposals are from non-profit housing organizations, Tory said.
The mayor said he knows the city needs “to considerably step up that pace” to create affordable housing but he is pleased with the eight proposals. They represent the results of the third annual Open Door Program call for applications. Construction of one site could begin next month.
According to Tory, the report recommends that the homes built would stay affordable for a minimum of 30 years, and in some cases, in perpetuity.
Since 2016, a total of 6,694 affordable rental homes have been approved. Once the report is approved, the total number of affordable homes created through the program will be about 7,350 across the city.
The report will be considered by the city’s planning and housing committee next week. -CINEWS