Item - 2026.TA14.11

The Board of Directors of the Toronto Atmospheric Fund:

1. Directed the Chief Executive Office, Toronto Atmospheric Fund to enter an arrangement to commit to funding for an Affordable Housing Guarantee Pool in which investors rateably agree to provide an amount, as called upon by the Housing Guarantee Pool Fund Administrator, for projects approved under the terms of the arrangement, namely:

a. the principal amount of all amounts advanced by Toronto Atmospheric Fund under the arrangement shall not exceed $5 million and the Toronto Atmospheric Fund shall not be required to provide any security for its commitment;

b. Toronto Atmospheric Fund shall not enter into the arrangement until:

i.  other investors have committed (at the same time or earlier) to amounts no less than the principal amount of $10 million under the same terms of arrangement; and,

ii.  the Project Sponsor (who is a well-regarded developer of affordable housing who identifies suitable projects for the Fund, provides the first loss position and will act as the development manager on all projects they sponsor) has funded $5 million; and,

c.  the term of the arrangement shall be for no longer than 8 years from the execution of the arrangement (subject to survival of any outstanding commitments).

2. Directed the completion of a legal review of all documentation to the satisfaction of Toronto Atmospheric Fund's legal counsel as determined by Toronto Atmospheric Fund's Vice President, Impact Investing and Chief Executive Officer.

3. Directed that the confidential information contained in Confidential Attachment 1 to the report (April 14, 2026) from the Vice President, Impact Investing, Toronto Atmospheric Fund remain confidential in its entirety, as it contains commercial and financial information and negotiation details supplied in confidence, which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.

The Direct Investment Committee recommends an unfunded amount of $5 million to the affordable housing guarantee pool. This investment is strongly aligned with Toronto Atmospheric Fund's (TAF) mandate to mobilize capital and accelerate delivery of affordable, zero‑carbon, non‑profit multi‑unit residential (MURB) housing. By using a pooled guarantee structure, it has the ability to unlock construction financing while limiting Toronto Atmospheric Fund's (TAF) exposure to its committed amount. The proposed allocation complies with Toronto Atmospheric Fund's (TAF) investment policy and asset allocation framework.