C i t y o f T o r o n t o I n c e n t i v e s:
O p e n D o o r
Capital grant (RFP) issued once a year in spring rarely exceeding $20,000.
Development charges and permit fees on affordable units waived
Property tax exemption for up to 50 years
Access to CMHC National Housing
Co-Investment Fund
Section 37 funds with local councillor support – with units sometimes donated to a local non-profit
Developer req’d to submit an Access plan for larger developments
CreateTO Housing Now:
Targeted to developers with mandatory partnering with non-profits, supportive housing providers for affordable units.
Each site has a set of site-specific criteria
17 sites released, RFP is issued
City contributes land at no cost for 99-year lease, nominal annual lease payment
Open Door incentives apply to affordable housing units
Percent of units at 40% below AMR-deeper affordability
C M H C I n c e n t i v e s:
Predevelopment Seed Grants andLoans (max $150,000 grant balance up to $500,000 loan)
Affordable Housing Innovation Fund: difficult to receive
National Housing Co-Investment Fund:
2 per cent mortgage amortized over 50 years
Rental Construction Financing Initiative & Loan
Insurance: CMHC rate of 2 percent
Source: www.cmhc-schl.gc.ca
O t h e r F u n d i n g S o u r c e s:
FCM / grant support for sustainable affordable
housing and energy efficiency
Source: www.fcm.ca
Download Full Presentation provided by:
Nancy Singer, Director of Strategic Initiatives, Kehilla Residential Programme