Authorization to Release Section 37 and 45(9) Funds from Various Developments for the Construction of New Affordable Housing as part of the Alexandra Park Revitalization - by Councillor Joe Cressy, seconded by Councillor Michael Ford

The Plan includes the replacement or refurbishment of the existing residences, the addition of new market residential, the removal of all stacked townhouses and introduction of back-to-back townhouses, a new public park, a new street network, and a new location for the community centre. Phase 1b of the revitalization is now under construction and City Council is considering zoning approval of Phase 2 on this agenda (Item TE7.7), which in addition to continued townhome and apartment replacement and refurbishment, will include: zero displacement of residents, a brand new 1,100 square metre (minimum) community centre, new parks and basketball courts, local social enterprise, bike sharing stations, and more. We are also working hard to implement our Council-approved plan to expand both affordable housing and affordable home ownership in the community, as well as to find opportunities to augment the plan as we move forward. These additional funds will be used to expand the new affordable housing and ownership as part of Phase 2 of the Revitalization. This Motion is urgent in order to permit for the planning and budgeting of next phases of the Alexandra Park Revitalization to proceed without delay.

40, 46, 48, 50, 52 and 60 McCaul Street and 10 Stephanie Street, secured for the provision of new affordable housing in Ward 20 in the amount of $101,905.13 (Source Account: XR3026-3700888); b. 295 Adelaide Street West and 100 to 104 John Street, secured for the provision of affordable housing in Ward 20, in the amount of $36,584.02 (Source Account: XR3026-3700313); c. 335, 355 King Street West and 119 Blue Jays Way, secured for the provision of affordable housing in Ward 20, in the amount of $429.71 (Source Account: XR3026-3700748); d. 324, 326, 328 and 332 Richmond Street West, secured for capital improvements to/or development of new Toronto Community Housing Corporation units in Ward 20, in the amount of $224,622.03 (Source Account: XR3026-3700972); e. 283 Adelaide Street West, secured for the maintenance of or the provision of new affordable housing in Ward 20, in the amount of $144,881.16 (Source Account: XR3026-3700927). f. 15-35 Mercer Street, secured for the maintenance of or the provision of new rental housing units as part of the Alexandra Park and Atkinson Housing Co-operative Revitalization, in the amount of $583,923.95 (Source Account: XR3026-3700920); g. 318 Richmond Street West, to be allocated toward affordable housing in Ward 20, in the amount of $360.98 (Source Account: XR3028-4500189); and h. 604-618 Richmond Street West, to be allocated for capital improvements to and or the provision of new affordable housing units in Ward 20, in the amount of $202.36 (Source Account: XR3026-3700786). 2. City Council authorize the Executive Director, Housing Secretariat to provide $1,092,909.34 in funding from the Capital Revolving Reserve Fund (XR1058) to Toronto Community Housing Corporation for the purpose of creating new affordable housing and/or home ownership opportunities in Phase 2 of the Alexandra Park Revitalization in Ward 10 fully funded from the Section 37 (Planning Act Reserve Fund) community benefits, subject to the following conditions: a. the transfer of the designated funds from XR3026 to XR1058; and b. Toronto Community Housing Corporation signing an assignment of the municipal capital facility agreement governing the use of the funds and the financial reporting requirements.