Partnership with United Property Resource Corporation to Create 500 New Affordable Rental Homes

This report provides an update on the City's efforts to establish the land bank initiative. It also seeks Council authority for the City enter into a Memorandum of Understanding ("MOU") with the United Property Resource Corporation ("UPRC") to create affordable rental housing across the city. The UPRC is a partnership between the United Church of Canada and the Canada Mortgage and Housing Corporation (CMHC) created specifically to help communities of faith of all denominations and other non-profit organizations unlock the value of their real estate assets. As part of the proposed MOU, the UPRC will commit to working with the City to develop up to 500 affordable rental units spread across seven sites in Toronto over the next five to seven years. To support the creation of the new affordable rental homes, provide funding certainty and help expedite future development, this report recommends City Council approval of approximately $27,523 million in Open Door Affordable Housing incentives for the creation of up to 500 affordable rental homes. The seven sites to be developed will be identified through future reports as site assessments and feasibility work are ongoing. In addition, all sites will be subject to the regular planning approvals and public consultation processes once identified.

2. City Council exempt up to 500 affordable rental housing units, to be constructed on seven (7) sites to be identified through the planning approval process, from the payment of development charges, planning and building permit fees and parkland dedication fees, through the Open Door program. 3. City Council authorize the Executive Director, Housing Secretariat, to negotiate and enter into, on behalf of the City, any agreements or documents necessary including municipal housing facility agreements, with United Property Resource Corporation, or related corporations, to secure the financial assistance being provided through the Open Door Program, for the affordable housing to be developed at the sites to be identified, on terms and conditions satisfactory to the Executive Director, Housing Secretariat, and in a form approved by the City Solicitor. 4. City Council authorize severally each of the Executive Director, Housing Secretariat and the General Manager, Shelter, Support and Housing Administration to execute, on behalf of the City, consents, approvals, agreements or other documents that are ancillary to the any security or financing documents required by the developers of the site to secure construction and conventional financing and subsequent refinancing, including any postponement, confirmation of status, discharge or consent documents where and when required during the term of the municipal housing facility agreement, as required by normal business practices, and provided that such documents do not give rise to financial obligations on the part of the City that have not been previously approved by Council. 5. City Council authorize the Executive Director, Housing Secretariat and the General Manager, Shelter, Support and Housing Administration to provide any consent necessary to transfer or encumber any of the identified sites and to negotiate and enter into any agreements or other documents required to effect any future transfer or assignment of any of the identified sites and the associated legal agreements with the City to another legal entity, on terms and conditions satisfactory to them and in a form approved by the City Solicitor.