Toronto's housing committee has endorsed a plan to build almost 6,000 new rental units across the city at a cost of over $350 million, in a bid to get almost 20 projects "unstuck" from the development pipeline.The City of Toronto's planning and housing committee greenlit a proposal to build some 6,000 new rental units across the city, spending over $350 million to help get shovels in the ground.
The plan was celebrated overall by non-profit housing providers who spoke at the meeting, as well as other related organizations, such as The Learning Enrichment Foundation. The community services agency says it"The Rental Housing Supply Program makes it possible and … will also, across the city, make other non-housing, non-profit organizations able to contribute," said Peter Frampton, the executive director of the foundation.
The financial incentives provided under the deal are open to public and private sector builders, but the city is hoping to grow capacity within non-profits, co-ops and Indigenous led-developers with this program. In order for units to be eligible for the financial incentives under this program, they must be rent-controlled for a minimum of 40 years.
"We need to do things and take steps and measures as local government to make sure we're addressing the supply side and helping those market projects move forward."Here's what advocates say were the biggest wins and losses for affordable housing in 2023