Item - 2019.MM9.58

City Council on July 16, 17 and 18, 2019, adopted the following:

1. City Council increase the 2019 Approved Operating Budget of Shelter, Support and Housing Administration (FH5795) on a one-time basis by $1,092,909.34 gross, $0 net, for transfer to the Capital Revolving Reserve Fund for Affordable Housing (XR1058), for the purpose of creating new affordable housing and/or home ownership opportunities in Phase 2 of the Alexandra Park Revitalization, fully funded by Section 37 community benefits in the following developments:

a. 40, 46, 48, 50, 52 and 60 McCaul Street and 10 Stephanie Street, secured for the provision of new affordable housing in Ward 20 in the amount of $101,905.13 (Source Account: XR3026-3700888);

b. 295 Adelaide Street West and 100 to 104 John Street, secured for the provision of affordable housing in Ward 20, in the amount of $36,584.02 (Source Account: XR3026-3700313);

c. 335, 355 King Street West and 119 Blue Jays Way, secured for the provision of affordable housing in Ward 20, in the amount of $429.71 (Source Account: XR3026-3700748);

d. 324, 326, 328 and 332 Richmond Street West, secured for capital improvements to/or development of new Toronto Community Housing Corporation units in Ward 20, in the amount of $224,622.03 (Source Account: XR3026-3700972);

e. 283 Adelaide Street West, secured for the maintenance of or the provision of new affordable housing in Ward 20, in the amount of $144,881.16 (Source Account: XR3026-3700927).

f. 15-35 Mercer Street, secured for the maintenance of or the provision of new rental housing units as part of the Alexandra Park and Atkinson Housing Co-operative Revitalization, in the amount of $583,923.95 (Source Account: XR3026-3700920);

g. 318 Richmond Street West, to be allocated toward affordable housing in Ward 20, in the amount of $360.98 (Source Account: XR3028-4500189); and

h. 604-618 Richmond Street West, to be allocated for capital improvements to and or the provision of new affordable housing units in Ward 20, in the amount of $202.36 (Source Account: XR3026-3700786).

 
2. City Council authorize the Executive Director, Housing Secretariat to provide $1,092,909.34 in funding from the Capital Revolving Reserve Fund (XR1058) to the Toronto Community Housing Corporation for the purpose of creating new affordable housing and/or home ownership opportunities in Phase 2 of the Alexandra Park Revitalization in Ward 10 fully funded from the Section 37 (Planning Act Reserve Fund) community benefits, subject to the following conditions:

a. the transfer of the designated funds from XR3026 to XR1058; and

b. Toronto Community Housing Corporation signing an assignment of the municipal capital facility agreement governing the use of the funds and the financial reporting requirements.