Item - 2021.RA24.8

The Board of Directors of CreateTO:

1.  Authorized the public release of the confidential information contained in Confidential Attachment 1, and Revised Confidential Attachment 1 to the report (April 27, 2021) from the Vice President, Development, CreateTO following completion of execution of the Housing Now Initiative, and at the discretion of the Chief Executive Officer.

The Board of Directors of CreateTO recessed its public session to meet in closed session to consider the item as it pertains to 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.

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.