Item - 2016.EX17.9
Tracking Status
- City Council adopted this item on October 5, 2016 without amendments.
- This item was considered by the Executive Committee on September 22, 2016 and adopted without amendment. It will be considered by City Council on October 5, 2016.
EX17.9 - Affordable Housing Contributions for Build Toronto's 5131 Sheppard Avenue East
- Decision Type:
- ACTION
- Status:
- Adopted
- Ward:
- 42 - Scarborough-Rouge River
City Council Decision
City Council on October 5, 6 and 7, 2016, adopted the following:
1. City Council approve the allocation of up to $2.55 million from the Development Charges Reserve Fund for Subsidized Housing (XR2116) for up to 102 down-payment assistance loans of $25,000.00 to eligible purchasers of housing to be developed on the property currently known as 5131 Sheppard Avenue East, under the terms of the City's Home Ownership Assistance Program.
2. City Council authorize the Director, Affordable Housing Office, to negotiate, enter into and execute, on behalf of the City, all affordable housing funding agreements, and any security, financing or other documents required with Build Toronto, the affordable housing developer, and any other party deemed necessary to facilitate the funding detailed in the report (September 9, 2016) from the Director, Affordable Housing Office, 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.
3. City Council authorize the City Solicitor to execute, postpone, confirm the status of, and discharge any City security documents registered as required by normal business practices.
Background Information (Committee)
https://www.toronto.ca/legdocs/mmis/2016/ex/bgrd/backgroundfile-96060.pdf
Motions (City Council)
Vote (Adopt Item) Oct-05-2016 2:51 PM
| Result: Carried | Majority Required - EX17.9 - Adopt the item |
|---|---|
| Total members that voted Yes: 34 | Members that voted Yes are Paul Ainslie, Maria Augimeri, Ana Bailão, Jon Burnside, John Campbell, Christin Carmichael Greb, Josh Colle, Gary Crawford, Joe Cressy, Vincent Crisanti, Janet Davis, Glenn De Baeremaeker, Justin J. Di Ciano, Sarah Doucette, John Filion, Michael Ford, Mark Grimes, Michelle Holland, Stephen Holyday, Jim Karygiannis, Mike Layton, Chin Lee, Giorgio Mammoliti, Josh Matlow, Pam McConnell, Mary-Margaret McMahon, Denzil Minnan-Wong, Frances Nunziata (Chair), Cesar Palacio, James Pasternak, Gord Perks, Jaye Robinson, David Shiner, Michael Thompson |
| Total members that voted No: 0 | Members that voted No are |
| Total members that were Absent: 10 | Members that were absent are Shelley Carroll, Frank Di Giorgio, Paula Fletcher, Mary Fragedakis, Norman Kelly, Joe Mihevc, Ron Moeser, Anthony Perruzza, John Tory, Kristyn Wong-Tam |
EX17.9 - Affordable Housing Contributions for Build Toronto's 5131 Sheppard Avenue East
- Decision Type:
- ACTION
- Status:
- Adopted
- Ward:
- 42 - Scarborough-Rouge River
Committee Recommendations
The Executive Committee recommends that:
1. City Council approve the allocation of up to $2.55 million from the Development Charges Reserve Fund for Subsidized Housing (XR2116) for up to 102 down-payment assistance loans of $25,000.00 to eligible purchasers of housing to be developed on the property currently known as 5131 Sheppard Avenue East, under the terms of the City's Home Ownership Assistance Program.
2. City Council authorize the Director, Affordable Housing Office, to negotiate, enter into and execute, on behalf of the City, all affordable housing funding agreements, and any security, financing or other documents required with Build Toronto, the affordable housing developer, and any other party deemed necessary to facilitate the funding 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.
3. 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.
Origin
Summary
This report makes recommendations to implement City Council's 2013 direction to deliver 30 percent of the homes at the surplus City site at 5131 Sheppard Avenue East as affordable housing. The affordable housing plan for this site was developed in collaboration with Build Toronto and the developer, The Daniels Corporation and Diamondcorp, which has purchased the surplus City site.
Financial contributions are proposed to be made from the federal and provincial governments, Build Toronto and the City. Program funding is recommended to come from the new federal/provincial Social Infrastructure Fund and the City's Home Ownership Assistance Program.
The funds will be delivered as down-payment assistance loans to enable up to 102 eligible purchasers to buy one of the estimated 340 new homes to be built. The affordable homes will be distributed throughout the development.
5131 Sheppard Avenue East is east of Markham Road on the south side of Sheppard Avenue East in Ward 42 Scarborough-Rouge River.
Background Information
https://www.toronto.ca/legdocs/mmis/2016/ex/bgrd/backgroundfile-96060.pdf