Item - 2024.RA9.2

The Board of Directors of CreateTO:

1.  Received the report (February 2, 2024) from the Chief Executive Officer, CreateTO for information.

The Housing Now program leverages City-owned land for the purpose of creating new mixed-use, mixed-income communities near transit. Housing Now is part of the City’s HousingTO 2020-2030 Action Plan, Toronto’s overall strategy to address a range of housing needs.  The Housing Now sites have also been incorporated into the City’s new housing plan, “EX9.3 - Generational Transformation of Toronto’s Housing System to Urgently Build More Affordable Homes” and this progress update addresses how the program will incorporate the recommendations and desired outcomes of the City’s accelerated housing plan (i.e., target of 65,000 rent controlled homes).

Since Housing Now was launched in January 2019, the City approved 22 sites across Toronto. These sites are estimated to produce over 16,000 new homes with approximately one-third being affordable rental units. Housing Now currently has development approvals for 10 of these sites. For example, in August 2023, a ground-breaking announcement was held for the first project to reach the construction phase at 5207 Dundas Street West in the Etobicoke Civic Centre precinct. A further five sites are part of the Housing Now pipeline for preliminary due diligence.

This report provides the CreateTO Board of Directors with a broad status update of the Housing Now program, including:  

· Priority Housing Now Sites (3 sites)

· Housing Now Sites with Secured Proponents (3 sites)

· Housing Now Sites tracking to Market Calls/Securing a Proponent (2 sites)

· Housing Now sites tracking to final zoning (2 sites)

· Update:  The City’s Generational Transformation of Toronto’s Housing System

· Update:  Federal Housing Accelerator Fund

· Update:  Portfolio Wide Risk Factors