Creating Affordable Rental Homes at the West Don Lands and 27 Grosvenor/26 Grenville Streets - Update

Thirty percent of the residential Gross Floor Area (GFA) in these sites will be allocated to affordable rental housing which was originally estimated to create up to 600 affordable rental homes. This report provides an update on the Provincial Affordable Housing Lands Program and recommends City Council approval of Open Door incentives for up to an additional 80 affordable rental homes to be created on the sites, including exemptions from payment of development charges, building, planning and parkland dedication fees and charges, and taxation for municipal and school purposes. It is anticipated that between 600 and 680 affordable homes will be created in total. Through the development review process and community consultation, an appropriate built form will be reached, which will ultimately determine the final number of affordable units. In addition to the above, this report recommends that City Council approve an extension of residential property tax exemptions for the affordable homes in the West Don Lands from 49 to 99 years. The increased exemption of property taxes will ensure that the rental homes remain affordable for 99 years, providing a range of housing opportunities for lower and moderate income residents in the city.

3. City Council authorize an extension of the exemption from taxation for municipal and school purposes for all of the affordable rental units to be constructed on the land known as Blocks 8/20 and Blocks 3W, 4W and 7W in the West Don Lands from 49 to 99 years as described in the chart in the Financial Impact section of this Report. 4. City Council authorize City staff to cancel or refund any taxes paid after the effective date of the municipal capital facility agreement. 5. City Council authorize the Director, Affordable Housing Office to negotiate and enter into, on behalf of the City, a municipal housing facility agreement (the "Contribution Agreement"), with WDL 8 GP Inc., WDL 3/4/7 GP Inc., Choice Grosvenor/Grenville Inc., and Greenwin Grosvenor/Grenville Inc., the proponents chosen for the development of the affordable housing to be constructed on the lands known as Blocks 8/20 and Blocks 3W/4W and 7W in the West Don Lands and 27 Grosvenor/26 Grenville Streets, respectively, setting out the terms of the operation of the new affordable rental housing, on terms and conditions satisfactory to the Director, Affordable Housing Office, in consultation with the Deputy City Manager, Community and Social Services, Chief Financial Officer and General Manager, Shelter, Support and Housing Administration, and in a form approved by the City Solicitor. 6. City Council authorize the Director, Affordable Housing Office to execute, on behalf of the City, the municipal housing facility agreement, any security or financing documents or any other documents required to facilitate the funding process, including any documents required by the applicants, or their related corporations to complete construction and conventional financing, where required. 7. City Council authorize the City Solicitor to execute, postpone, confirm the status of, and discharge any City security documents registered as required by normal business practices.