Zakiya has reported on real estate for Apartment Therapy, Curbed, and Post City Magazines. She also writes a quarterly series for a Canadian design publication.
The City of Toronto is determined to get more purpose-built rental housing into the pipeline and off the ground, according to a new staff report that was revealed to the public on Wednesday.throws out some big numbers, and includes “actions to support the development of 20,000 new rental homes including up to 16,000 purpose-built rental homes and a minimum of 4,000 affordable rental homes,” afrom the City says.
Pending Council’s approval, the first phase of the program would see the City “immediately release a call for applications to identify and approve 7,000 new rental homes, including 5,600 purpose-built rental homes and at least 1,400 affordable rental homes, through its own resources,” according to the release.
The criterion for qualifying for the proposed incentive are pretty much what you would expect: projects be would be required to include at least a 20% share of affordable rental units that meet the City’s income-based definition of affordable housing, and they must stay affordable for at least 40 years . In addition, projects would have to begin construction by the end of 2026 in order to qualify.
City staff is further asking Council to seek funding from the provincial and federal governments to help bring these goals to fruition, including a “Build More Homes Rebate, estimated at $1 billion equivalent to the value of development charges and 85% of the value of property taxes for 35 years” , and the immediate allocation of “a $7.3 billion portfolio of low-cost financing” .
Toronto Toronto City Council Development Charges Property Tax Incentives Policy
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