Amending Item 2022.MM45.51 to Support Non-Profit Affordable Rental Housing - by Councillor Dianne Saxe, seconded by Deputy Mayor Ausma Malik

Kensington Market Community Land Trust has now entered into an agreement of purchase and sale for a two-apartment affordable rental housing property which is eligible for $400,000 under the terms of Multi-Unit Residential Acquisition. Multi-Unit Residential Acquisition provides a maximum of $200,000 per home. This results in $50,000 in "orphan" funds which Kensington Market Community Land Trust has requested be provided to support the renovation and operation of the property. Kensington Market Community Land Trust has provided the Housing Secretariat with a Building Condition Assessment report evidencing the need for repairs and Housing Secretariat staff support this funding allocation. The previous Council Decisions associated with this matter are: 1. May 22 and 23, 2024, MM18.25, Amending Item 2022.MM45.51 to Support the Kensington Market Community Land Trust to Acquire an Affordable Rental Housing Property - by Councillor Dianne Saxe, seconded by Councillor Josh Matlow: https://secure.toronto.ca/council/agenda-item.do?item=2024.MM18.25 2. June 15 and 16, 2022, MM45.51, Necessary Amendments to MM42.39 regarding 556 Bathurst Street due to updated business arrangements - by Councillor Mike Layton, seconded by Councillor Joe Mihevc: https://secure.toronto.ca/council/agenda-item.do?item=2022.MM45.51 3. April 6 and 7, 2022, MM42.39, Protecting Existing Housing and Creating Permanently Affordable Homes with Supports for Youth at 556 Bathurst Street - by Councillor Mike Layton, seconded by Mayor John Tory: https://secure.toronto.ca/council/agenda-item.do?item=2022.MM42.39

City Council authorize the Executive Director, Housing Secretariat to provide up to $400,000.00 inclusive of Harmonized Sales Tax and disbursements, from the Capital Revolving Reserve Fund for Affordable Housing (XR1058) to the Kensington Market Community Land Trust, and/or a related non-profit corporation to acquire and operate for a minimum of 99 years an affordable rental housing property in Ward 11, University-Rosedale, under the Multi-Unit Residential Acquisition Program, and additional $50,000 inclusive of Harmonized Sales Tax and disbursements, from the Capital Revolving Reserve Fund for Affordable Housing (XR1058) to, renovate the affordable rental housing property after the closing of the acquisition, subject to: a. the successful acquisition of the property by Kensington Market Community Land Trust and/or a related non-profit corporation by no later than June 1, 2025, or such other date as is acceptable to the Executive Director, Housing Secretariat; b. approval of a business case in respect of the property to be purchased that outlines a management plan, management qualifications and financial viability of the affordable housing project, property acquisition plan, satisfactory to the Executive Director, Housing Secretariat; and c. Kensington Market Community Land Trust and/or a related non-profit corporation entering into a municipal housing facility agreement for housing purposes (the "Contribution Agreement") with the City, on terms and conditions satisfactory to the Executive Director, Housing Secretariat, and in a form acceptable to the City Solicitor. 2. City Council increase the 2025 Capital Budget for the Housing Secretariat by $450,000 gross, to be payable as set out in Part 1 above, fully funded by the Capital Revolving Reserve Fund for Affordable Housing (XR1058). 3. City Council authorize the Executive Director, Housing Secretariat to negotiate and enter into a municipal housing facility agreement (the City's Contribution Agreement") with respect to the funding set out in Part 1 above, to secure the financial assistance for the renovation and operation of the affordable rental housing, above on terms and conditions satisfactory to the Executive Director, Housing Secretariat and in a form acceptable to the City Solicitor. 4. City Council authorize the Executive Director, Housing Secretariat, or their delegate, to execute on behalf of the City, any security or financing documents required by Kensington Market Community Land Trust and/or a related corporation, including any postponement, confirmation of status, discharge or consent documents where and when required during the term of the City's Contribution 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 City Council.