As part of
the plan to regenerate the Tippett Road neighbourhood, City Council will consider creating 100 new affordable homes in the area, at a total cost of $5.65 million.
If approved, the city would spend $2.75 million for 50 affordable rental homes, and share the $2.9-million cost of 50 affordable ownership homes at 36 Tippett Road with the federal and provincial governments and other partners. Working with
Build Toronto and developer
Shiplake Properties (developing the property as the Rocket Tippett Inc.), which bought the city-owned property from Build Toronto after it was declared surplus, the city would pay for the units with funds from the Development Charges Reserve Fund.
“In addition to the 100 affordable homes at 36 Tippett Road that are the subject of this report, the future developer of the southern portion of 36 Tippett Road will also deliver approximately 50 affordable ownership and 50 affordable rental homes, for a total of 200 new affordable homes on this surplus city site,” states the report that will be
considered by executive committee this week and, if accepted, city council on March 30.
The combined funding will assist in providing the homes at more affordable prices to lower-income families and individuals. “Each home will have HOAP [Home Ownership Assistance Program] and IAH [Investment in Affordable Housing Program] loan funds secured by a ‘silent’ no-payment mortgage and the loan be paid back to the City with a share of any capital appreciation if the home is resold,” states the report. “Given the combined value of the assistance, it is proposed that the loans not have a forgiveness date after which the mortgage would no longer be payable if the purchaser remained in the home.”
Planning approvals are in place for building the homes; marketing and construction are expected to begin this year.
Writer: Paul Gallant
Source: City of Toronto