Toronto’s Open Door Program recommends steps for 651 new affordable homes


Toronto’s Open Door Program recommends steps for 651 new affordable homes

 

Sep. 13, 2019

Global Korean Post

 

Mayor John Tory and Deputy Mayor Ana Bailão (Ward 18 Davenport), Council’s Housing Advocate,  announced the results of the 2019 call for Affordable Rental Housing Applications as part of the City’s Open Door Program to create more affordable rental housing across Toronto.

 

The report will go before City Council in October for approval.

The proposals follow a competitive Call for Applications that was issued on February 25 and closed on May 3. The report recommends eight non-profit and private sector development proposals, representing a total of 651 affordable homes.

 

Three of the eight recommended proposals are from non-profit housing organizations representing 215 homes across Toronto. In addition, the report recommends pre-development funding for five non-profit groups to assist them in revising their plans should they wish to apply in future Call for Applications. These five proposals represent another potential 538 non-profit homes in the pipeline.

This report recommends that City Council allocate more than $12 million in City funding from the Development Charges Reserve Fund for Subsidized Housing and approximately the value of $38 million in financial incentives under the terms of the Open Door Program.

 

City financial incentives include breaks in development charges, building permits and planning fees and municipal property taxes. The combined average of these incentives for the developments recommended is $58,850 per home.

 

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