Item - 2024.MM16.42
Tracking Status
- City Council adopted this item on March 20 and 21, 2024 without amendments.
MM16.42 - Authorization to Release Section 37 Funds from the Development at 390 to 440 Dufferin St and 41 Alma Avenue to the Neighbourhood Land Trust to support the development of affordable rental housing at 128 Havelock Street - by Councillor Alejandra Bravo, seconded by Deputy Mayor Ausma Malik
- Decision Type:
- ACTION
- Status:
- Adopted
- Ward:
- 9 - Davenport
City Council Decision
City Council on March 20 and 21, 2024, adopted the following:
1. City Council authorize the Executive Director, Housing Secretariat, subject to Part 2 below, to provide $800,000 in funding, inclusive of Harmonized Sales Tax and disbursements, from the Capital Revolving Reserve Fund for Affordable Housing (Source Account: XR1058) to the Neighbourhood Land Trust to support the redevelopment of 128 Havelock Street to contain 10 new units of affordable rental housing, fully funded from the following development:
a. 390 to 440 Dufferin St and 41 Alma Avenue, secured for affordable housing in Ward 9 in the amount of $800,000 (Source Account: XR3026-3701238).
2. City Council increase the 2024 Operating Budget for Housing Secretariat by $800,000 gross, $0 net, to be payable to the Neighbourhood Land Trust, subject to the following conditions:
a. the transfer of the designated funds from XR3026-3701238 to XR1058; and
b. the funds being secured in the municipal housing facility agreement (the City’s “Contribution Agreement”) to be entered into between the Neighbourhood Land Trust and the City under the Open Door Affordable Rental Program on terms satisfactory to the Executive Director, Housing Secretariat, and in a form approved by the City Solicitor.
Background Information (City Council)
https://www.toronto.ca/legdocs/mmis/2024/mm/bgrd/backgroundfile-244443.pdf
Fiscal Impact Statement from the Chief Financial Officer and Treasurer
https://www.toronto.ca/legdocs/mmis/2024/mm/bgrd/backgroundfile-244517.pdf
Motions (City Council)
That Councillor Alejandra Bravo be permitted to add to the agenda of today's meeting an urgent Motion without Notice concerning:
Authorization to Release Section 37 Funds from the Development at 390 to 440 Dufferin St and 41 Alma Avenue to the Neighbourhood Land Trust to support the development of affordable rental housing at 128 Havelock Street
Reason for Urgency:
This motion is urgent as the Housing Secretariat must confirm financial contributions to the project in order to prepare the Open Door Contribution Agreement and allow the project to proceed. The release of these funds will advance the City’s commitment to urgently building more affordable homes in the City.