Item - 2024.MM20.39

City Council on July 24 and 25, 2024, adopted the following:

1. City Council amend its previous decision on Item 2024.CC19.16 by:

a. deleting Part 7 a. ii. of the instructions to staff

Part to be deleted:

ii. with the average unit size of the affordable rental units being no less than the average unit size of all the market units, by unit type, in each phase of the proposed development;

and adopting instead the following new Part:

ii. with the average unit size of the affordable rental units being to the satisfaction of the Chief Planner and Executive Director, City Planning;

and

b. deleting Part 7 c. of the instructions to staff

Part to be deleted

c. the initial rent (inclusive of utilities) charged to first tenants and upon turnover shall not exceed eighty percent of the average City of Toronto rent by unit type, as reported annually by the Canada Mortgage and Housing Corporation in its most recent annual Rental Market Report for a minimum of 40 years, beginning with the date each such unit is first occupied; during the first 40 years of occupancy, increases to initial rents charged to tenants occupying any of the affordable rental units shall be in accordance with the Residential Tenancies Act and shall not exceed the Provincial rent guideline;

and adopting instead the following new part:

c. the initial rent (inclusive of utilities) charged to first tenants and upon turnover shall not exceed the rents calculate in accordance with the policies of Official Plan Amendment 558;