Item - 2016.EX13.8

The Executive Committee recommends that:

1.  City Council approve up to $1.25 million from the Development Charges Reserve Fund for Subsidized Housing (XR2116) for up to 50 down payment assistance loans to eligible purchasers of housing to be developed on the property currently known as 36 Tippett Road, in the form of a grant by way of forgivable loan under the terms of the City's Home Ownership Assistance Program.

2.  City Council approve up to $1.0 million from the Development Charges Reserve Fund for Subsidized Housing (XR2116) to provide capital assistance to Shiplake Properties Limited, the Rocket Tippett Inc. or a related corporation, towards the development of 50 affordable rental units on the property currently known as 36 Tippett Road, in the form of a grant by way of forgivable loan.

3.  City Council authorize the Director, Revenue Services, to recommend an exemption from taxation for municipal and school purposes to the Municipal Property Assessment Corporation for the 50 affordable rental units to be developed on the property currently known as 36 Tippett Road for the period of 25 years.

4.  City Council authorize the Deputy City Manager and Chief Financial Officer to approve the waiving of all the development charges and planning fees for the affordable rental units to be developed on the property known as 36 Tippett Road.

5.  City Council authorize the Director, Affordable Housing Office, to negotiate enter into and execute, on behalf of the City, all affordable housing funding agreements, municipal housing facility agreements and any security, financing or other documents required with Build Toronto, the affordable housing developers, and any other party deemed necessary to facilitate the funding and incentives detailed in this report, on terms and conditions satisfactory to the Director, Affordable Housing Office, in consultation with the Deputy City Manager and Chief Financial Officer, and in a form approved by the City Solicitor.

6.  City Council grant authority to the City Solicitor to execute, postpone, confirm the status of, and discharge any City security documents registered as required by normal business practices.

This report recommends affordable housing program funding and incentives for 50 new affordable rental homes and 50 affordable ownership homes at 36 Tippett Road in Ward 10 York Centre. The affordable housing plan for 36 Tippett Road was developed in collaboration with Build Toronto and the developer, Shiplake Properties (developing the property as the Rocket Tippett Inc.), which has acquired the site from Build Toronto.

Financial contributions for the 100 affordable homes are proposed from Build Toronto, the Federal and Provincial Governments, and the City. It is proposed the City make an allocation from the Federal/Provincial Investment in Affordable Housing Program, and provide funds from the City's Home Ownership Assistance Program and Development Charges Reserve Fund for Subsidized Housing.

City Council adopted the Tippett Road Area Regeneration Study in July 2015, and directed the Director, Affordable Housing Office, to work with Build Toronto and the Regeneration Area property owners to deliver affordable rental and ownership homes.

The Tippet Road Regeneration Area is bounded by Wilson Heights Boulevard, Wilson Avenue, Champlain Boulevard, Highway 401 and Allen Road in Ward 10 – York Centre.