Item - 2024.CC24.16

Tracking Status

This item will be considered by City Council on December 17, 2024.

CC24.16 - Advancing Phase One of the Purpose-built Rental Housing Incentives Stream

Consideration Type:: ACTION

Wards:: All

Mayor's First Key Matter and First Item of Business at 2:00 p.m. on December 17, 2024.
The Executive Director, Housing Secretariat has submitted a supplementary report on this Item (CC24.16a) with recommendations.
The Executive Director, Housing Secretariat has submitted a revised supplementary report on this Item (CC24.16b) with revised recommendations and a revised Table 1 on page 4.

Origin

(December 10, 2024) Report from the Executive Director, Housing Secretariat

Recommendations

The Executive Director, Housing Secretariat recommends that:

1. City Council receive this report for information.

Summary

On November 13-14, 2024, City Council adopted EX18.2 - Build More Homes: Expanding Incentives for Purpose Built Rental Housing report endorsing a new stream under the Rental Housing Supply Program to support purpose-built rental housing developments across the city. City Council directed staff to launch a Quick Start Call for Applications to support 7,000 new rental homes including at least 1,400 affordable rental homes, and report directly to City Council on December 17-19, 2024 with an update on the results of the Call for Applications.

The Call for Applications for Purpose-built Rental Housing Incentives stream opened on November 18 and closed on November 29, 2024. Staff are currently reviewing the applications and will prepare a report to be considered by City Council, providing an update on the Call for Applications and a summary of any applications approved.

Background Information

(December 10, 2024) Report from the Executive Director, Housing Secretariat on Advancing Phase One of the Purpose-built Rental Housing Incentives Stream (CC24.16)
https://www.toronto.ca/legdocs/mmis/2024/cc/bgrd/backgroundfile-251469.pdf
(December 17, 2024) Supplementary Report from the Executive Director, Housing Secretariat on Advancing Phase One of the Purpose-built Rental Housing Incentives Stream (CC24.16a)
https://www.toronto.ca/legdocs/mmis/2024/cc/bgrd/backgroundfile-251624.pdf
(December 17, 2024) Revised Supplementary Report from the Executive Director, Housing Secretariat on Advancing Phase One of the Purpose-built Rental Housing Incentives Stream (CC24.16b)
https://www.toronto.ca/legdocs/mmis/2024/cc/bgrd/backgroundfile-251644.pdf
Presentation from the Executive Director Housing Secretariat, Development and Growth Services, on Advancing Phase One of the Purpose-Built Rental Housing Incentives Stream
https://www.toronto.ca/legdocs/mmis/2024/cc/bgrd/backgroundfile-251661.pdf