Creating an Additional 92 Affordable Rental Homes at 1750 Ellesmere Road

However, the zoning relief is subject to the proponent meeting certain conditions, including that the additional 92 affordable rental units receive City Open Door Program incentives This report recommends City Council approval of Open Door Program incentives for the additional 92 new affordable homes at 1750 Ellesmere Road. Approval of the recommendations in this report would help fulfil the zoning relief condition and ensure that the entire building containing 242 new homes can be delivered as affordable rental housing. Additionally, these new homes, which are estimated to be ready for occupancy by December 2024, will provide much-needed affordable housing opportunities for low-and-moderate incomes households, including those from equity-deserving groups, seniors and essential workers. Council's approval of Open Door incentives for the additional 92 affordable rental units would also support the City's HousingTO 2020-2030 Action Plan objective of approving 40,000 new affordable rental homes by 2030.

3. City Council authorize the Executive Director, Housing Secretariat, to negotiate and enter into, on behalf of the City, a municipal housing facility agreement, with Fine Green Developments Limited to secure the financial assistance being provided and to set out the terms of the development and operation of the new affordable rental housing, on terms and conditions satisfactory to the Executive Director, Housing Secretariat and in a form approved by the City Solicitor. 4. City Council authorize City staff to cancel or refund any taxes paid after the effective date of the Contribution Agreement.