Housing Now Initiative
This week, Toronto City Council approved the "Housing Now" plan. Through this initiative the City will open up eleven surplus City-owned properties for the development of 10,000 residential units, where one third of those units, approximately 3,700, will be used for affordable housing. Of these eleven properties, two of them fall within Ward 3 Etobicoke-Lakeshore, which are 3741 Bloor Street West and 3326 Bloor Street West.
An affordable unit is defined as one that will not exceed 80% of Toronto's annual average market rent, as set out by the Canada Mortgage and Housing Corporation (CMHC). The affordable homes created through Housing Now will be affordable for households earning between $21,000 and $52,000 per year.
The City will retain ownership of the properties, and will issue 99 year leases to developers. Additionally, the City will offer Open Door incentives for affordable housing units such as waving some fees associated with the planning process and property tax relief on these sites for the length of the lease. Development proposals must include planning for complete communities and new housing must be complemented by other community requirements such as community centres, child care, schools and parks. The City will be requesting the federal and provincial governments to identify surplus sites in Toronto to create additional mixed-income communities.
I voted in favour of this initiative because the City is becoming unaffordable for many people and I have concerns about how rising housing costs affect our seniors' and young adults' ability to live in the City. This is only one step to help mitigate some of those some of the effects of the rising cost of housing, but it is a giant step forward in the right direction. I look forward to sharing more information with you all as it becomes available. You can read the full report here. 3741 Bloor Street West
3226 Bloor Street West