Item - 2015.AH3.3

The Affordable Housing Committee recommends that:

1.  City Council authorize the Director, Affordable Housing Office to negotiate agreements of purchase and sale, with the developer for the purchase by Atkinson Co-operative and/or the City of Toronto for two one-bedroom units in the building to be erected on Block 4, as part of the Alexandra Park revitalization (the "Atkinson Units"), which agreements of purchase and sale will fulfill the obligation of Toronto Community Housing under the section 37 agreement entered into for Phase 1 of the development on the  property, between Toronto Community Housing and the City.

2.  City Council authorize the Director, Affordable Housing Office to execute the agreements of purchase and sale and any other documents required to complete the purchase of two one-bedroom units, on behalf of the City.

3.  City Council authorize the City to be a party to the agreements of purchase and sale contemplated to be entered into for the Atkinson Units as a contingent transferee, in order to ensure the benefit of the Atkinson Co-operative Units is secured for the intended purposes, until the Atkinson Co-operative is able to complete the transactions.

4.  City Council authorize the City Solicitor to complete the transaction on behalf of the City, including paying any necessary expenses, amending the closing, due diligence and other dates, and amending and waiving terms and conditions, on such terms as she considers reasonable.

5.  City Council authorize the City to assign its interest in the Atkinson Units to Atkinson Co-op upon it entering into a contribution agreement with the City with respect to the operation of the Atkinson Units on terms and conditions determined by him, in his sole discretion and in a form satisfactory to the City Solicitor, or, failing which, the City shall be entitled to sell one or more of the Atkinson Units in the open market at fair market value, with the proceeds payable to the Capital Revolving Fund for Affordable Housing (XR-1058) in order to give effect to the intended purpose of the Atkinson Units as affordable housing and with the intention that there are no financial consequences to the City having been a party to the agreements of purchase and sale for the Atkinson Units.

6.  City Council authorize the City to take title to the Atkinson Units, in the event they cannot be transferred to Atkinson Co-op and to enter into a lease with Atkinson Co-op or such other not for profit housing corporation deemed appropriate by the Director, Affordable Housing Office and on such terms and conditions and in a form approved by the City Solicitor.

7.  City Council authorize the City Solicitor to complete the lease transaction on behalf of the City, including payment of any necessary expenses, establishing and amending the commencement date and any other dates and conditions, as she may from time to time consider reasonable.

8.  City Council authorize the Chief Corporate Officer to administer and manage the lease for the Atkinson Co-op, if such lease is entered into, including the provision of any consents, approvals, waiver notices and notices of termination provided that the Chief Corporate Officer may, at any time, refer consideration of such matters (including their content) to City Council for its determination and direction.

9.  City Council authorize the Director, Affordable Housing Office to execute, on behalf of the City, a contribution agreement with Atkinson Co-op or the alternate housing provider selected by the Director, Affordable Housing Office.

10.  Authority be granted to enter into a Contribution Agreement with the Atkinson Housing Co-Operative Inc. with respect to the operation of the Atkinson Units on terms and conditions satisfactory to the Director, Affordable Housing Office and in a form approved by the City Solicitor.

11.  City Council approve up to $225,000 in financial assistance from the Development Charges Reserve Fund (2009) for Subsidized Housing (XR2116) for Toronto Community Housing, in the form of grants by way of forgivable loans to assist up to 5 home buyers to purchase condominium units in the building to be erected in Block 4 of the Alexandra Park, under the terms of the City's Home Ownership Assistance Program.

12.  City Council authorize the Director, Affordable Housing Office to provide up to $225,000 from the federal/provincial Investment in Affordable Housing Program Extension – Homeownership Component, in the form of grants by way of forgivable loans to be added to the funds from the City's funds referred to in Recommendation Nine (9) to assist up to 5 home buyers to purchase condominium units in the building to be erected in Block 4 of the Alexandra Park.

13.  City Council authorize the City to enter into a delivery agreement with Toronto Community Housing or a related corporation, for the delivery and administration of the funds being provided from the Development Charges Reserve Fund (2009) for Subsidized Housing (XR2116) on terms and conditions satisfactory to the Director, Affordable Housing Office and in a form approved by the City Solicitor.

14.  City Council authorize the City to enter into a contribution agreement with Toronto Community Housing or a related corporation, for the delivery and administration of the homeownership funds being provided through the federal/provincial Investment in Affordable Housing Program Extension – Homeownership Component on terms and conditions satisfactory to the Director, Affordable Housing Office and in a form approved by the City Solicitor.

15.  City Council authorize the Director, Affordable Housing Office to execute the delivery agreement referred to in Recommendation 13 and the contribution agreement referred to in Recommendation 14 and any other agreements or documents required to give effect to Recommendations 13 and 14.

16.  City Council increase the 2015 Approved Operating Budget for Shelter, Support and Housing Administration by $225,000 gross, $0 net, fully funded from Investment in Affordable Housing Program Extension – Homeownership Component, to provide funding for a down-payment assistance loan directly to lower-income households for condominium units in the building to be erected in Block 4 of the Alexandra Park.

 
17.  City Council request the Toronto Community Housing Corporation to work with the City's Affordable Housing Office to include in future revitalization site proposal calls a requirement that in addition to replacing social housing units and building market condominiums on public land, that the successful developer deliver a percentage of new affordable ownership and rental opportunities in a program where the affordable homes would be sold or rented to qualified households based on a sale price which is no more than the "cost to construct" the new homes.