Item - 2019.PH6.5

The Planning and Housing Committee recommends that:

1. City Council approve the deferral of development charges for up to 117 affordable housing units to be developed by Options for Homes Non-Profit Corporation (Greater Toronto Area), Home Ownership Alternatives Non-Profit Corporation (Greater Toronto Area) and the Humber Co-operative Development Corporation on the property currently known as 10 Wilby Crescent, under the terms of the City's Home Ownership Assistance Program.

 
2. City Council approve the deferral of development charges for up to 10 affordable housing units to be developed by Habitat for Humanity Greater Toronto Area on the property currently known as 3060 Eglinton Avenue East, under the terms of the City's Home Ownership Assistance Program.

 
3. City Council authorize the Executive Director, Housing Secretariat, to negotiate, enter into and execute, on behalf of the City, all development charges deferral agreements, and any security, financing or other documents required with Options for Homes Non-Profit Corporation (Greater Toronto Area), or a related corporation, Home Ownership Alternatives Non-Profit Corporation (Greater Toronto Area), or a related corporation, Humber Co-operative Development Corporation or a related corporation, for the 10 Wilby Crescent affordable ownership project, and Habitat for Humanity Greater Toronto Area, or a related corporation, for the project at 3060 Eglinton Avenue East, and any other parties deemed necessary to facilitate the development charges deferral outlined in this report, on terms and conditions satisfactory to the Director, Affordable Housing Office, in consultation with the Chief Financial Officer, and in a form satisfactory to the City Solicitor.

 
4. City Council authorize the City Solicitor to execute, postpone, confirm the status of, and discharge any City security documents registered as required by normal business practices.

This report recommends the deferral of City development charges under the Home Ownership Assistance Program (HOAP) for up to 127 new non-profit homes in two new developments by Habitat for Humanity and Options for Homes/Home Ownership Alternatives.

Deferral of development charges will support the development of the homes by the non-profit groups by reducing the up-front costs to construct the homes. Further, the value of the development charges will be delivered as down payment assistance loans by the non-profit groups to help qualifying, low-to-moderate income renter families and individuals purchase the homes at more affordable prices.

The two non-profit housing developments recommended for HOAP support are:

-  Habitat for Humanity townhomes at 3060 Eglinton Avenue East in Ward 24 Scarborough-Guildwood (10 homes); and

-  Options for Homes/Home Ownership Alternatives condominium apartments at 10 Wilby Crescent in Ward 5 York South Weston (117 homes).
 

The HOAP deferral recommendations in this report result from a competitive Request for Proposals (RFP) process conducted by the Affordable Housing Office. The development charges deferred will be paid to the City with capital appreciation when the homes are sold or refinanced.

The recommended deferral of development charges for the127 new affordable ownership homes align with the City's Housing Opportunities Toronto 10-year Affordable Housing Action Plan.