Item - 2010.EX43.26

City Council on May 11 and 12, 2010, adopted the following:

1.         City Council adopt a policy of supporting assisted home ownership with grants funded by the Development Charges Reserve Account (2009) for Subsidized Housing (account number XR 2116), provided the housing is developed by not-for-profit corporations and eligible purchaser households have incomes meeting the definition of ownership affordability in the Provincial Policy Statement (under the Planning Act).

2.         City Council direct that all assistance to non-profit development proponents under this policy be provided pursuant to a selection process as set out in the report (March 24, 2010) from Deputy City Manager Sue Corke and the Deputy City Manager and Chief Financial Officer, and be subject to specific Council approval for each project.

3.         City Council request the Deputy City Manager responsible for the Affordable Housing Office to establish an approach to oversee monitoring and implementation, and report annually to the Affordable Housing Committee on the performance and requirements of not-for-profit corporations receiving grants under the policy.

4.         City Council direct that upon the resale or voluntary repayment of the individual grants within twenty (20) years, that these funds be re-deployed by the City to support further grants to support non-profit assisted ownership developments under the approved home ownership policy.

5.         City Council direct City officials to expedite the delivery of new home ownership grants under the new policy by undertaking the pre-qualification and project selection process for home ownership grants to be recommended in 2010 and submit recommendations to the August 16, 2010 Executive Committee.

6.         City Council direct that, in implementing the new assisted home ownership policy, City officials consult with non-profit home ownership stakeholders on the development of "implementation guidelines" to respond to detailed issues raised by deputants.

7.         City Council express its appreciation to Deputy City Manager Sue Corke and City staff involved with the Affordable Housing Office for all of their hard work and their contributions to the success of the Affordable Housing program during this term of Council.