Housing Now Financial Portfolio Review

The Public Gallery wrote no story on this item. What follows is the city’s own record of what happened to it, as filed: nothing on this page is summarised or scored by us.

The decision

2021-07-07 · CreateTO · deferred

As filed

The Board of Directors of CreateTO: 1. Deferred consideration of the item to its September 13, 2021 meeting with the request that the Interim Chief Executive Officer, CreateTO report to the September 13, 2021 Board meeting with the following information: - Community Benefits language that can be included in all future proposal calls; and - Sets a 10% social hiring target with quarterly reporting requirements for each

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construction project, of the number of individuals hired (apprenticeships and journeypersons), which targeted or equity seeking group they belong to and the method by which these individuals were recruited, and yearly reporting for the Housing Now program.

On the agenda

As the city filed it

On January 30, 2019, City Council approved a signature affordable housing program, the "Housing Now Initiative," to leverage City-owned land for the purpose of creating new, mixed-use, mixed-income communities near transit. Through the Initiative, 11 properties were initially identified for development, with the potential to create a total of 10,000 new residential units. On May 28, 2020, Council approved the addition of six more sites to the Housing Now Initiative with the potential to create 1,455 to 1,700 additional residential units.

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The Housing Now Initiative is coordinated through a Steering Committee composed of senior staff from the Housing Secretariat, City Planning and CreateTO. The purpose of this report is to provide the CreateTO Board of Directors with a broad status update on the financial status of the portfolio.

Staff recommended

The Vice President, Development, CreateTO recommends that: 1. The Board of Directors of CreateTO authorize the public release of the confidential information contained in Confidential Attachment following completion of execution of the Housing Now Initiative, and at the discretion of the Chief Executive Officer.

On the record

The item as the City filed it