A plan to boost the availability of affordable rental units in Toronto has been unveiled by the city’s mayor.
John Tory and his deputy mayor Ana Bailão, the 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 recommends eight non-profit and private sector development proposals, representing a total of 651 affordable homes.
It recommends that City Council allocate more than $12 million from the Development Charges Reserve Fund for Subsidized Housing and approximately $38 million in financial incentives under the terms of the Open Door Program.
These 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.
"We want a city that is open to all – inclusive means not just embracing diverse backgrounds but also building a city in which people of all different income levels and occupations can afford to live,” said the mayor. “Residents of our city need and want access to affordable housing and as Mayor, I am committed to creating more affordable housing options for residents."
The report will go before City Council in October for approval.