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City of Toronto - Affordable Housing Master Thread

This:

1726754988545.png


Is also heading to next week's Ctte, and can be found here:


The red items that just jump out are Targets 1, 4 and 5
 
artyboy123 said:
another one!

Click to expand...

I don't really support either of these ideas.

Don't get me wrong, as a last ditch, emergency move to get otherwise un-houseable folks off the street, fine, so be it.

But its not a sustainable solution.

As such, I feel about it much the way I feel about Toronto's Shelter System, that it soaks up tons of money that could actually provide people with proper housing instead. (at least full studio-size, as in 500ft2+) apartments.

Toronto Shelters, for instance come in at $250 per night. That's ~$7,500 per month.

For that sum, we could house 2 families in 3brm apartments, and have enough leftover for 1 studio unit; or alternatively, house about ~5 or 6 single people.

While the various tiny homes and trailers are better than a sleeping bag.......they are not only inadequate in their own right; but they really don't work unless you have a place to put them, and hook ups for power and water and sewage.

When you factor the full cost of those in, they aren't particularly cheap or practical. Keep in mind, if we want to address everyone in Toronto currently in the shelter system ~10,000 or roughing it outside on a typical night ~2,500......

We need 12,500 bedrooms and probably about 8,000 units of housing.

In that context, however well intended, I tend to view these schemes as a distraction from the real work.
 
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I'd like to hear @HousingNowTO 's thoughts on the affordable ownership program for six condo units Alexandra Park:

www.thestar.com

A Toronto program is offering new condos to public housing residents, no down payment required. Why is it struggling to find takers?

More than seven months after bids opened, only three households were approved for six available homes.
www.thestar.com www.thestar.com

The Star indicates that the City has been unable to get takers for more than 3 of the 6 units which come with no down payment, and mortgage at 2% interest.
 
Northern Light said:
I'd like to hear @HousingNowTO 's thoughts on the affordable ownership program for six condo units Alexandra Park:

www.thestar.com

A Toronto program is offering new condos to public housing residents, no down payment required. Why is it struggling to find takers?

More than seven months after bids opened, only three households were approved for six available homes.
www.thestar.com www.thestar.com

The Star indicates that the City has been unable to get takers for more than 3 of the 6 units which come with no down payment, and mortgage at 2% interest.
Click to expand...
The jump from Rent-Geared-To-Income (RGI) units in TCH to any kind of "market related" apartment or condo is almost impossible for any household to manage -- because nothing the City can offer is more directly advantageous to a household than the approx. ~$1,300 - $3,000 per month tax-free rent-subsidy (*based on comparable unit-size / location market rents) you get in perpetuity as a TCH RGI renter.

TCHC_RGI_2023_RENTS.PNG


In 2024, that TCH RGI rent is a tax-free benefit equivalent to to somewhere between $15,600 - $36,000 per year, and it will only increase year-over-year as the gap between RGI rent and Market rents in Toronto gets wider - whereas the household annual income will likely DROP as they enter their Senior years.

This TCH "Affordable Ownership" model was something that came out of Adam Vaughan and Joe Cressy's offices when they were on Council -- and the Alexandra Park community was very active and hands-on a dozen or more years ago -
www.thestar.com

Will a mixed-income revamp make or break Alexandra Park?

Alexandra Park is the next Toronto housing project to undergo a massive mixed-income makeover. Will it make — or break — the neighbourhood?
www.thestar.com www.thestar.com

Way back then, the MATH on this TCH "Affordable Ownership" pilot program probably made sense when the units were expected to have a value of $225,000 per condo -- but that likely doesn't make sense now that they are closer to $600,000 per condo.

At this point, they would probably be better to have just had SIX (6) extra units in the TCH RGI building instead of these units on the TRIDEL side of the towers.
 
Council adopted, without amendment's the Rental Housing incentives proposed by the Mayor.

***

Of note, however, there was a supplementary report.

That report had a couple of of interesting things to say......


From the above:

1731525465882.png

1731525498458.png


1731525570138.png


Also of note, the City has established a tracking page for projects approved under this plan:

www.toronto.ca

Rental Housing Supply Program

Interested in building Affordable Rental and Purpose-built Rental Homes? Find out how to apply for City Incentives. The Rental Housing Supply Program (RHSP) supports a range of new rental homes including new: Rent-geared-to-income (RGI) homes; Affordable rental homes; Rent-controlled homes...
www.toronto.ca www.toronto.ca

@HousingNowTO
 
Northern Light said:
Council adopted, without amendment's the Rental Housing incentives proposed by the Mayor.

***

Of note, however, there was a supplementary report.

That report had a couple of of interesting things to say......


From the above:

View attachment 611768
View attachment 611770

View attachment 611772

Also of note, the City has established a tracking page for projects approved under this plan:

www.toronto.ca

Rental Housing Supply Program

Interested in building Affordable Rental and Purpose-built Rental Homes? Find out how to apply for City Incentives. The Rental Housing Supply Program (RHSP) supports a range of new rental homes including new: Rent-geared-to-income (RGI) homes; Affordable rental homes; Rent-controlled homes...
www.toronto.ca www.toronto.ca

@HousingNowTO
Click to expand...
From the City e-blast today -

We are pleased to share that the City has released the Purpose-built Rental Housing Incentives Call for Applications.

The Call for Applications can be found at: https://www.toronto.ca/community-pe...housing-partners/open-requests-for-proposals/

All questions about this Call for Applications are to be submitted via email to: HousingSecretariatRFP@toronto.ca.

Please note the Purpose-built Rental Housing Call for Application will close on November 29, 2024 at 4 pm.
 
Northern Light said:
Council adopted, without amendment's the Rental Housing incentives proposed by the Mayor.

***

Of note, however, there was a supplementary report.

That report had a couple of of interesting things to say......


From the above:

View attachment 611768
View attachment 611770

View attachment 611772

Also of note, the City has established a tracking page for projects approved under this plan:

www.toronto.ca

Rental Housing Supply Program

Interested in building Affordable Rental and Purpose-built Rental Homes? Find out how to apply for City Incentives. The Rental Housing Supply Program (RHSP) supports a range of new rental homes including new: Rent-geared-to-income (RGI) homes; Affordable rental homes; Rent-controlled homes...
www.toronto.ca www.toronto.ca

@HousingNowTO
Click to expand...
Glad to hear it!
 
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