Item - 2015.EX8.20

Tracking Status

  • City Council adopted this item on September 30, 2015 without amendments and without debate.
  • This item was considered by Executive Committee on September 21, 2015 and was adopted with amendments. It will be considered by City Council on September 30, 2015.
  • See also Item AH3.3
  • See also By-law 540-2020

EX8.20 - Affordable Housing Opportunities in Alexandra Park

Decision Type:
ACTION
Status:
Adopted
Ward:
20 - Trinity-Spadina

City Council Decision

City Council on September 30, October 1 and 2, 2015, adopted the following:

 

1.  City Council authorize the Director, Affordable Housing Office to negotiate agreements of purchase and sale, with the developer for the purchase by Atkinson Co-operative and/or the City of Toronto for two one-bedroom units in the building to be erected on Block 4, as part of the Alexandra Park revitalization (the "Atkinson Units"), which agreements of purchase and sale will fulfill the obligation of Toronto Community Housing under the section 37 agreement entered into for Phase 1 of the development on the  property, between Toronto Community Housing and the City.

 

2.  City Council authorize the Director, Affordable Housing Office to execute the agreements of purchase and sale and any other documents required to complete the purchase of two one-bedroom units, on behalf of the City.

 

3.  City Council authorize the City to be a party to the agreements of purchase and sale contemplated to be entered into for the Atkinson Units as a contingent transferee, in order to ensure the benefit of the Atkinson Co-operative Units is secured for the intended purposes, until the Atkinson Co-operative is able to complete the transactions.

 

4.  City Council authorize the City Solicitor to complete the transaction on behalf of the City, including paying any necessary expenses, amending the closing, due diligence and other dates, and amending and waiving terms and conditions, on such terms as the City Solicitor considers reasonable.

 

5.  City Council authorize the City to assign its interest in the Atkinson Units to Atkinson Co-op upon it entering into a contribution agreement with the City with respect to the operation of the Atkinson Units on terms and conditions determined by him, in his sole discretion and in a form satisfactory to the City Solicitor, or, failing which, the City shall be entitled to sell one or more of the Atkinson Units in the open market at fair market value, with the proceeds payable to the Capital Revolving Fund for Affordable Housing (XR-1058) in order to give effect to the intended purpose of the Atkinson Units as affordable housing and with the intention that there are no financial consequences to the City having been a party to the agreements of purchase and sale for the Atkinson Units.

 

6.  City Council authorize taking title to the Atkinson Units, in the event they cannot be transferred to Atkinson Co-op and to enter into a lease with Atkinson Co-op or such other not for profit housing corporation deemed appropriate by the Director, Affordable Housing Office and on such terms and conditions and in a form approved by the City Solicitor.

 

7.  City Council authorize the City Solicitor to complete the lease transaction on behalf of the City, including payment of any necessary expenses, establishing and amending the commencement date and any other dates and conditions, as the City Solicitor may from time to time consider reasonable.

 

8.  City Council authorize the Chief Corporate Officer to administer and manage the lease for the Atkinson Co-op, if such lease is entered into, including the provision of any consents, approvals, waiver notices and notices of termination provided that the Chief Corporate Officer may, at any time, refer consideration of such matters (including their content) to City Council for its determination and direction.

 

9.  City Council authorize the Director, Affordable Housing Office to execute, on behalf of the City, a contribution agreement with Atkinson Co-op or the alternate housing provider selected by the Director, Affordable Housing Office.

 

10.  City Council authorize entering into a Contribution Agreement with the Atkinson Housing Co-Operative Inc. with respect to the operation of the Atkinson Units on terms and conditions satisfactory to the Director, Affordable Housing Office and in a form approved by the City Solicitor.

 

11.  City Council approve up to $225,000 in financial assistance from the Development Charges Reserve Fund (2009) for Subsidized Housing (XR2116) for Toronto Community Housing, in the form of grants by way of forgivable loans to assist up to five home buyers to purchase condominium units in the building to be erected in Block 4 of the Alexandra Park, under the terms of the City's Home Ownership Assistance Program.

 

12.  City Council authorize the Director, Affordable Housing Office to provide up to $225,000 from the federal/provincial Investment in Affordable Housing Program Extension – Homeownership Component, in the form of grants by way of forgivable loans to be added to the funds from the City's funds referred to in Part 9 above to assist up to five home buyers to purchase condominium units in the building to be erected in Block 4 of the Alexandra Park.

 

13.  City Council authorize entering into a delivery agreement with Toronto Community Housing Corporation or a related corporation, for the delivery and administration of the funds being provided from the Development Charges Reserve Fund (2009) for Subsidized Housing (XR2116) on terms and conditions satisfactory to the Director, Affordable Housing Office and in a form approved by the City Solicitor.

 

14.  City Council authorize entering into a contribution agreement with Toronto Community Housing or a related corporation, for the delivery and administration of the homeownership funds being provided through the federal/provincial Investment in Affordable Housing Program Extension – Homeownership Component on terms and conditions satisfactory to the Director, Affordable Housing Office and in a form approved by the City Solicitor.

 

15.  City Council authorize the Director, Affordable Housing Office to execute the delivery agreement referred to in Part 13 above and the contribution agreement referred to in Part 14 above and any other agreements or documents required to give effect to Parts 13 and 14 above.

 

16.  City Council increase the 2015 Approved Operating Budget for Shelter, Support and Housing Administration by $225,000 gross, $0 net, fully funded from Investment in Affordable Housing Program Extension – Homeownership Component, to provide funding for a down-payment assistance loan directly to lower-income households for condominium units in the building to be erected in Block 4 of the Alexandra Park.

Background Information (Committee)

(September 2, 2015) Letter from the Affordable Housing Committee on Affordable Housing Opportunities in Alexandra Park
https://www.toronto.ca/legdocs/mmis/2015/ex/bgrd/backgroundfile-83523.pdf
(August 19, 2015) Report from the Director, Affordable Housing Office on Affordable Housing Opportunities in Alexandra Park
https://www.toronto.ca/legdocs/mmis/2015/ex/bgrd/backgroundfile-83384.pdf

Communications (Committee)

(September 17, 2015) E-mail from Ceta Ramkhalawansingh (EX.Supp.EX8.20.1)
https://www.toronto.ca/legdocs/mmis/2015/ex/comm/communicationfile-55375.pdf

EX8.20 - Affordable Housing Opportunities in Alexandra Park

Decision Type:
ACTION
Status:
Amended
Ward:
20 - Trinity-Spadina

Committee Recommendations

The Executive Committee recommends that:

 

1.  City Council authorize the Director, Affordable Housing Office to negotiate agreements of purchase and sale, with the developer for the purchase by Atkinson Co-operative and/or the City of Toronto for two one-bedroom units in the building to be erected on Block 4, as part of the Alexandra Park revitalization (the "Atkinson Units"), which agreements of purchase and sale will fulfill the obligation of Toronto Community Housing under the section 37 agreement entered into for Phase 1 of the development on the  property, between Toronto Community Housing and the City.

 

2.  City Council authorize the Director, Affordable Housing Office to execute the agreements of purchase and sale and any other documents required to complete the purchase of two one-bedroom units, on behalf of the City.

 

3.  City Council authorize the City to be a party to the agreements of purchase and sale contemplated to be entered into for the Atkinson Units as a contingent transferee, in order to ensure the benefit of the Atkinson Co-operative Units is secured for the intended purposes, until the Atkinson Co-operative is able to complete the transactions.

 

4.  City Council authorize the City Solicitor to complete the transaction on behalf of the City, including paying any necessary expenses, amending the closing, due diligence and other dates, and amending and waiving terms and conditions, on such terms as she considers reasonable.

 

5.  City Council authorize the City to assign its interest in the Atkinson Units to Atkinson Co-op upon it entering into a contribution agreement with the City with respect to the operation of the Atkinson Units on terms and conditions determined by him, in his sole discretion and in a form satisfactory to the City Solicitor, or, failing which, the City shall be entitled to sell one or more of the Atkinson Units in the open market at fair market value, with the proceeds payable to the Capital Revolving Fund for Affordable Housing (XR-1058) in order to give effect to the intended purpose of the Atkinson Units as affordable housing and with the intention that there are no financial consequences to the City having been a party to the agreements of purchase and sale for the Atkinson Units.

 

6.  City Council authorize the City to take title to the Atkinson Units, in the event they cannot be transferred to Atkinson Co-op and to enter into a lease with Atkinson Co-op or such other not for profit housing corporation deemed appropriate by the Director, Affordable Housing Office and on such terms and conditions and in a form approved by the City Solicitor.

 

7.  City Council authorize the City Solicitor to complete the lease transaction on behalf of the City, including payment of any necessary expenses, establishing and amending the commencement date and any other dates and conditions, as she may from time to time consider reasonable.

 

8.  City Council authorize the Chief Corporate Officer to administer and manage the lease for the Atkinson Co-op, if such lease is entered into, including the provision of any consents, approvals, waiver notices and notices of termination provided that the Chief Corporate Officer may, at any time, refer consideration of such matters (including their content) to City Council for its determination and direction.

 

9.  City Council authorize the Director, Affordable Housing Office to execute, on behalf of the City, a contribution agreement with Atkinson Co-op or the alternate housing provider selected by the Director, Affordable Housing Office.

 

10.  Authority be granted to enter into a Contribution Agreement with the Atkinson Housing Co-Operative Inc. with respect to the operation of the Atkinson Units on terms and conditions satisfactory to the Director, Affordable Housing Office and in a form approved by the City Solicitor.

 

11.  City Council approve up to $225,000 in financial assistance from the Development Charges Reserve Fund (2009) for Subsidized Housing (XR2116) for Toronto Community Housing, in the form of grants by way of forgivable loans to assist up to 5 home buyers to purchase condominium units in the building to be erected in Block 4 of the Alexandra Park, under the terms of the City's Home Ownership Assistance Program.

 

12.  City Council authorize the Director, Affordable Housing Office to provide up to $225,000 from the federal/provincial Investment in Affordable Housing Program Extension – Homeownership Component, in the form of grants by way of forgivable loans to be added to the funds from the City's funds referred to in Recommendation Nine (9) to assist up to 5 home buyers to purchase condominium units in the building to be erected in Block 4 of the Alexandra Park.

 

13.  City Council authorize the City to enter into a delivery agreement with Toronto Community Housing or a related corporation, for the delivery and administration of the funds being provided from the Development Charges Reserve Fund (2009) for Subsidized Housing (XR2116) on terms and conditions satisfactory to the Director, Affordable Housing Office and in a form approved by the City Solicitor.

 

14.  City Council authorize the City to enter into a contribution agreement with Toronto Community Housing or a related corporation, for the delivery and administration of the homeownership funds being provided through the federal/provincial Investment in Affordable Housing Program Extension – Homeownership Component on terms and conditions satisfactory to the Director, Affordable Housing Office and in a form approved by the City Solicitor.

 

15.  City Council authorize the Director, Affordable Housing Office to execute the delivery agreement referred to in Recommendation 13 and the contribution agreement referred to in Recommendation 14 and any other agreements or documents required to give effect to Recommendations 13 and 14.

 

16.  City Council increase the 2015 Approved Operating Budget for Shelter, Support and Housing Administration by $225,000 gross, $0 net, fully funded from Investment in Affordable Housing Program Extension – Homeownership Component, to provide funding for a down-payment assistance loan directly to lower-income households for condominium units in the building to be erected in Block 4 of the Alexandra Park.

Decision Advice and Other Information

The Executive Committee:

 

1.  Referred the following recommendation to the Director, Affordable Housing Office, with the request to consult with the City Manager, other Divisions and Toronto Community Housing on the implications of the recommendation and report back to the Executive Committee as part of the Open Door Initiative:

 

"17.  City Council request the Toronto Community Housing Corporation to work with the City's Affordable Housing Office to include in future revitalization site proposal calls a requirement that in addition to replacing social housing units and building market condominiums on public land, that the successful developer deliver a percentage of new affordable ownership and rental opportunities in a program where the affordable homes would be sold or rented to qualified households based on a sale price which is no more than the "cost to construct" the new homes."

Origin

(September 2, 2015) Letter from the Affordable Housing Committee

Summary

This report seeks Council approval to provide affordable rental and ownership housing in Alexandra Park for up to seven lower to moderate-income Toronto Community Housing and Atkinson Housing Co-operative households, by entering into agreements of purchase and sale for the purchase of two condominium units to be used as affordable rental housing and by providing down-payment assistance for up to five affordable home purchasers.

 

The revitalization of Alexandra Park and the Atkinson Housing Co-operative Inc. ("Atkinson Co-op") will be accomplished through the replacement and refurbishment of 806 Toronto Community Housing ("TCH") affordable rental townhouses and apartments and the creation of 1,540 new market residential units.

 

In approving the re-zoning of Alexandra Park, Council required Toronto Community Housing, as secured by a Section 37 Agreement, to contribute a minimum of $2,000,000 in the form of units to be conveyed to the City, or other City-approved agency or by a cash contribution to create new affordable rental and/or ownership housing. A minimum value of $552,400 is to be provided in Phase One.

 

This report recommends using a Section 37 contribution from Toronto Community Housing to purchase two one-bedroom apartments in Block 4 at below market cost on behalf of the Atkinson Co-op to be rented at or below 80 percent average market rent.

 

It also recommends providing down-payment assistance of $450,000 from the federal/provincial Investment in Affordable Housing (Extension) program and the City's Development Charges Reserve Fund for Subsidized Housing to provide five loans to eligible Toronto Community Housing and Atkinson Co-op households to purchase homes in Block 4.

Background Information

(September 2, 2015) Letter from the Affordable Housing Committee on Affordable Housing Opportunities in Alexandra Park
https://www.toronto.ca/legdocs/mmis/2015/ex/bgrd/backgroundfile-83523.pdf
(August 19, 2015) Report from the Director, Affordable Housing Office on Affordable Housing Opportunities in Alexandra Park
https://www.toronto.ca/legdocs/mmis/2015/ex/bgrd/backgroundfile-83384.pdf

Communications

(September 17, 2015) E-mail from Ceta Ramkhalawansingh (EX.Supp.EX8.20.1)
https://www.toronto.ca/legdocs/mmis/2015/ex/comm/communicationfile-55375.pdf

Motions

1 - Motion to Amend Item moved by Councillor Ana Bail„o (Carried)

That Recommendation 17 be referred to the Director, Affordable Housing Office, with the request to consult with the City Manager, other Divisions and Toronto Community Housing on the implications of the recommendation and report back to the Executive Committee as part of the Open Door Initiative.


2 - Motion to Adopt Item as Amended moved by Mayor John Tory (Carried)
Source: Toronto City Clerk at www.toronto.ca/council