Re-opening and Amending Item 2025.PH21.9 - Providing Housing Opening Today Toronto Inc., with Section 37 Funds for Purchase of Affordable Rental Housing Building - by Councillor Gord Perks, seconded by Councillor Alejandra Bravo

The text of the Council decision specified that the building be affordable rental housing. The property Housing Opening Today Toronto has proposed to purchase includes a number of apartments currently rented at rates above the City's definition of affordable rental housing. These apartments will transition to lower, affordable rents to meet the City's definition as existing tenants move out over time and eligible new tenants move in at affordable rents. The existing tenants will also be income-tested and, should their incomes meet City requirements, their rents will be adjusted to affordable levels. In this way the property will become entirely affordable over time. This motion is intended to clarify these circumstances to City Council as the original decision indicated the property would simply be affordable, which can be understood to mean entirely affordable at the time of purchase by Housing Opening Today Toronto. The original Council Decision is available here: https://secure.toronto.ca/council/agenda-item.do?item=2025.PH21.9 Requires Re-opening: Item 2025.PH21.9 (May 21 and 22, 2025 Council meeting) only as it pertains to Parts 1 and 3 of City Council's decision.

$205,966.27 from 403 Keele Street (Source Account: XR3026-3701131); b. $478,208.82 from 2706, 2708, 2710, 2720, and 2730 Dundas Street West (Source Account: XR3026-3701159); and c. $815,824.91 from 1182-1221 King Street West (Source Account: XR3026-3701180). b. amending Part 3 by adding the words "or a building that will transition to affordable rental housing" after the words "affordable rental housing building", so that Part 3 now reads as follows: 3. City Council authorize the Executive Director, Housing Secretariat to provide the funding, inclusive of Harmonized Sales Tax and disbursements, to Housing Opening Today Toronto Inc. to support the purchase of an affordable rental housing building, or a building that will transition to affordable rental housing , in Ward 4 - Parkdale-High Park, subject to the funds being secured through an agreement as set out in Part 2 above.