Item - 2017.EX24.16
Tracking Status
- City Council adopted this item on April 26, 2017 without amendments and without debate.
- This item was considered by the Executive Committee on April 19, 2017 and adopted without amendment. It will be considered by City Council on April 26, 2017.
- See also AH6.7
- See also By-laws 430-2017, 431-2017
EX24.16 - Providing Property Tax Exemptions for New Affordable Rental Homes at 55 and 57 Humewood Drive
- Decision Type:
- ACTION
- Status:
- Adopted on Consent
- Ward:
- 21 - St. Paul's
City Council Decision
City Council on April 26, 27 and 28, 2017, adopted the following:
1. City Council exempt the eight new affordable housing units being converted at 55 and 57 Humewood Drive from taxation for municipal and school purposes for the term of fifty years from the date of first occupancy by the lower-income households, for which the units are intended.
2. 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.
3. City Council authorize City staff to cancel or refund any taxes paid from the by-law exempting the property from taxation.
Background Information (Committee)
https://www.toronto.ca/legdocs/mmis/2017/ex/bgrd/backgroundfile-102286.pdf
(March 8, 2017) Report from the Director, Affordable Housing Office on Providing Property Tax Exemptions for New Affordable Rental Homes at 55 and 57 Humewood Drive
https://www.toronto.ca/legdocs/mmis/2017/ex/bgrd/backgroundfile-102283.pdf
EX24.16 - Providing Property Tax Exemptions for New Affordable Rental Homes at 55 and 57 Humewood Drive
- Decision Type:
- ACTION
- Status:
- Adopted
- Ward:
- 21 - St. Paul's
Committee Recommendations
The Executive Committee recommends that:
1. City Council exempt the eight new affordable housing units being converted at 55 and 57 Humewood Drive from taxation for municipal and school purposes for the term of fifty years from the date of first occupancy by the lower-income households, for which the units are intended.
2. 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.
3. City Council authorize City staff to cancel or refund any taxes paid from the by-law exempting the property from taxation.
Origin
Summary
Consistent with City policy, this report recommends that City Council exempt eight new affordable rental homes at 55 and 57 Humewood Drive in Ward 21 - St. Paul's, currently owned and operated by Humewood House, from property taxes for 50 years. The exemption will allow for more affordable rents for lower-income households consisting of young formerly homeless mothers and their children.
Background Information
https://www.toronto.ca/legdocs/mmis/2017/ex/bgrd/backgroundfile-102286.pdf
(March 8, 2017) Report from the Director, Affordable Housing Office on Providing Property Tax Exemptions for New Affordable Rental Homes at 55 and 57 Humewood Drive
https://www.toronto.ca/legdocs/mmis/2017/ex/bgrd/backgroundfile-102283.pdf