Item - 2023.MM5.17

City Council on March 29, 30 and 31, 2023, adopted the following:

1. City Council authorize the Executive Director, Housing Secretariat, subject to Part 3 below, to provide $185,370 in funding, inclusive of Harmonized Sales Tax and disbursements, from the Capital Revolving Reserve Fund for Affordable Housing (XR1058) to the Neighbourhood Land Trust to support the provision of a new residential building for affordable rental housing at 6 Shipman Avenue in Ward 4 which will contain two self-contained affordable rental units, fully funded from the following development:
 

a. 2706 – 2730 Dundas Street West, secured for affordable housing in Ward 4 in the amount of $185,370 (Source Account: XR3026-3701159).

2. City Council authorize the Executive Director, Housing Secretariat to enter into an agreement with the Neighbourhood Land Trust on terms and conditions satisfactory to the Executive Director, Housing Secretariat, and in a form acceptable to the City Solicitor to ensure the housing assets are operated as affordable housing in perpetuity, including occupancy costs, the operation of the housing project, funding, reporting and accountability, the mandate and target tenants or residents for the housing project, and tenant supports.

3. City Council increase the 2023 City Council-Approved Operating Budget for Housing Secretariat by $185,370 gross, $0 net, to be payable to the Neighbourhood Land Trust, subject to the following conditions:

a. the transfer of the designated funds from XR3026-3701159 to XR1058; and
 

b. confirmation from the City Solicitor that the agreement with the Neighbourhood Land Trust, referenced in Part 2 above, has been entered into.