Item - 2021.RA23.4
Tracking Status
- This item was considered by CreateTO on July 7, 2021. The CreateTO postponed consideration of this item. Consult the text of the decision for further information on the deferral.
RA23.4 - Housing Now Financial Portfolio Review
- Decision Type:
- ACTION
- Status:
- Deferred
- Wards:
- All
Confidential Attachment - a proposed or pending disposition of land by the City and a position, plan, procedure, criteria or instruction to be applied to negotiations carried on or to be carried on by or on behalf of the City and CreateTO
Board Decision
The Board of Directors of CreateTO:
1. Deferred consideration of the item to its September 13, 2021 meeting with the request that the Interim Chief Executive Officer, CreateTO report to the September 13, 2021 Board meeting with the following information:
- Community Benefits language that can be included in all future proposal calls; and
- Sets a 10% social hiring target with quarterly reporting requirements for each construction project, of the number of individuals hired (apprenticeships and journeypersons), which targeted or equity seeking group they belong to and the method by which these individuals were recruited, and yearly reporting for the Housing Now program.
Origin
Summary
On January 30, 2019, City Council approved a signature affordable housing program, the "Housing Now Initiative," to leverage City-owned land for the purpose of creating new, mixed-use, mixed-income communities near transit. Through the Initiative, 11 properties were initially identified for development, with the potential to create a total of 10,000 new residential units.
On May 28, 2020, Council approved the addition of six more sites to the Housing Now Initiative with the potential to create 1,455 to 1,700 additional residential units. The Housing Now Initiative is coordinated through a Steering Committee composed of senior staff from the Housing Secretariat, City Planning and CreateTO.
The purpose of this report is to provide the CreateTO Board of Directors with a broad status update on the financial status of the portfolio.
Background Information
https://www.toronto.ca/legdocs/mmis/2021/ra/bgrd/backgroundfile-168028.pdf
Confidential Attachment 1 - Housing Now Financial Portfolio
Motions
That consideration of the item be deferred to the September 13, 2021 Board meeting with the request that:
1. The Interim Chief Executive Officer, CreateTO report to the September 13, 2021 Board meeting with the following information:
- Community Benefits language that can be included in all future proposal calls; and
- Sets a 10% social hiring target with quarterly reporting requirements for each construction project, of the number of individuals hired (apprenticeships and journeypersons), which targeted or equity seeking group they belong to and the method by which these individuals were recruited, and yearly reporting for the Housing Now program.