We are excite to break ground on a new affordable housing project in North Toronto. 2346 Weston Rd.
Toronto City Council approved the Open Door Affordable Housing Program in 2016 to accelerate affordable housing construction by providing City financial contributions including capital funding and fees and property tax relief, fast-tracking planning approvals, and activating surplus public land. The Open Door Program is designed to assist the City in achieving the goals of its Housing TO 2020-2030 Action Plan. The Action Plan sets targets for the approval of 40,000 new affordable rental homes and 4,000 new affordable ownership homes by 2030.
The program provides financial incentives - like exemptions from planning and development fees (construction) and property taxes for 25 years provided that we hold the rents at City-published rates. The incentives help developers build rental-based units - NOT condos!
What is an affordable rent? the total monthly shelter cost (gross monthly rent, including heat, hydro and hot water, excluding parking and internet/cable charges) is at or below Toronto’s average market rent (AMR) by unit type (number of bedrooms), as reported in the fall of each year by CMHC.
Who can live here? Tenants are income tested on occupancy: household income limit is no more than four times the rent of their unit. This applies at the initial occupancy and turnover. More to come on this affordable housing project!