Item - 2019.NY8.49

North York Community Council withdrew the item.

The lands municipally known as 30 Tippett Road are being developed in accordance with the City of Toronto’s vision for the Tippett Road Regeneration Area, including the provision of 50 affordable purpose-built rental units and 50 affordable ownership units as part of the Investment in Affordable Housing Program (IAH). This iteration of the IAH began in 2014 and expires at the end of this year. The federal and provincial component of funding is time-limited and will be surrendered by the City if it is not utilized by the end of the year. Tippett South Inc. is under contract to deliver the loan funding for the City. The funding is secured from the province by way of an agreement of purchase and sale with eligible purchasers, and all units are now under firm and binding agreements of purchase and sale.

The mortgage approvals for all firm and binding agreements of purchase and sale for the 50 affordable ownership units were issued under a pricing model that reflects current development charge rates. If these units are subject to the scheduled development charge rate increase on November 1, 2019, these units’ price will increase and the mortgages will not hold.