Bridging the Gap - Increasing Rent Geared to Income Units on Regent Park Phase 3

With the addition of this building the total units to be built in Phase 3 will total 669 units not the projected total of 614 units. The unit count has increased due to the addition of new affordable units within what were rent-geared-to-income replacement housing buildings and the redesign of buildings as a result of the planning process. To enable Toronto Community Housing Corporation (TCHC) to not have to pay development charges and building permit fees in January 2022 for 175 Oak Street a new exemption approval by Council is required. This motion recommends the provision of an estimated $3,059,879 in City incentives to TCHC to the support the development of an additional 55 units of rent-geared-to-income and affordable rental housing in Phase 3.This increase in units from 614 to 669 units will result in increased exemption of $110,627 for building permit fees and $2,949,252 for development charges. As this phase has completed the planning approval stage all applicable planning fees and parkland dedication fees have already been waived. The financial incentives recommended for Council approval (which reflect the outstanding fees and charges for the 55 additional units) are summarized in Table 1 below: Table 1 City Financial Incentives Affordable Rental Home Affordability Period Estimated Development Charges Estimated Building Permit Fees Estimated Total Value of Incentives 55 Perpetuity $2,949,252 $110,627 $3,059,879 Calculated using November 2021 rates

"Contribution Agreement") with Toronto Community Housing Corporation for the development of the new rent-geared-to-income and new affordable housing to be constructed on the lands known as 175 Oak Street, to secure the financial assistance being provided and to set out the terms of the operation of the new affordable rental units, on terms and conditions satisfactory to the Executive Director, Housing Secretariat and in a form approved by the City Solicitor.