Item - 2021.PH25.9

The Planning and Housing Committee recommends that:  

1.  City Council authorize the Executive Director, Housing Secretariat, to direct a consultant to review the City's affordable home ownership policy and programs framework.

2.  City Council authorize the Executive Director, Housing Secretariat, to include in the consultant's review of the City's affordable home ownership policy and programs framework consultations with Corporate Finance, Financial Planning, City Planning, the Indigenous Affairs Office, Social Development, Finance and Administration, Toronto Community Housing Corporation, CreateTO, non-profit affordable home ownership developers, private sector developers with an interest in delivering affordable home ownership opportunities, community stakeholders including Toronto Community Housing Corporation tenants, and all other City entities or stakeholder groups deemed relevant by the Executive Director, Housing Secretariat.

3. City Council authorize the Executive Director, Housing Secretariat, to direct the consultant reviewing the City's affordable home ownership policy and programs framework to address affordable home ownership opportunities for equity-seeking including women, Black, Indigenous, People of Colour (BIPOC) communities, LGBTQ2S+ communities, persons living with disabilities in consultation with the City's Indigenous Affairs Office, Confronting Anti-Black Racism Unit, Gender Equity Unit, the Lesbian, Gay, Bisexual, Transgender, Queer and Two-Spirit Advisory Committee and the Toronto Accessibility and Advisory Committee.

4.  City Council direct the Executive Director, Housing Secretariat, to report to Council with any recommended affordable home ownership program or policy changes resulting from the review addressed in Recommendations 1 and 3 above, by the first quarter of 2022.

5. City Council direct the Executive Director, Housing Secretariat, to include in the consultant's review of the City's affordable home ownership policy and programs framework and develop a strategy to ensure tenants living in Toronto Community Housing revitalization areas, such as Regent Park, Alexander Park and Lawrence Heights, have access to new affordable home ownership opportunities, in consultation with Toronto Community Housing, the selected developers and Canada Mortgage Housing Corporation.

6. City Council request the Executive Director, Housing Secretariat include, as part of the consultant's review of the City's affordable home ownership policy and programs framework, a cost-benefit analysis comparing the cost to the City to support a household with an income sufficient to rent versus own a two-bedroom home in Toronto and look at implementation practices and opportunities to include financial incentives to create more deeply affordable, shared-equity affordable ownership opportunities through implementation of Inclusionary Zoning and other affordable home ownership programs, and in consultation with non-profit affordable ownership housing providers.

The purpose of this report is to outline current and upcoming activities related to affordable ownership housing in Toronto, including the Housing Secretariat's plan to review the City's affordable home ownership program delivery model and policy framework.

A variety of initiatives are pending or underway at the City related to affordable home ownership, including: the implementation of the Auditor General's recommendations to review and improve the City's delivery of affordable ownership programs; new non-profit program innovations and private sector interest in affordable ownership program delivery; federal and provincial government interest and support for affordable ownership; a proposed new Official Plan definition of affordable ownership housing; and consideration of a final recommended Inclusionary Zoning policy framework.

In the context of these various activities plus Toronto's strong housing market and historically high housing costs, a review of the City's affordable home ownership policy framework and programs is timely. The Housing Secretariat will commission a third-party consultant to undertake this review, which will include consultations with key affordable housing stakeholders, including representatives from equity-deserving groups, and affordable ownership developers.

The proposed affordable ownership review will inform and provide guidance to the City on how its housing programs and policies should evolve to reflect current market realities, as well as to support the HousingTO 2020-2030 Action Plan targets of achieving 400 new affordable home ownership opportunities each year. The review will also recommend actions to ensure that the City's priority groups, including Indigenous and Black households, are able to access the City's program. Staff will report to Council by the first quarter of 2022 with any recommended program or policy changes resulting from the review, including details of stakeholder feedback and advice to make the home ownership program more accessible for historically disadvantaged groups.