City of Toronto and partners to develop Ontario’s largest coop housing

City of Toronto and partners to develop Ontario’s largest coop housing

By Miranda Avila Granda

LJI Reporter

The Philippine Reporter

The City of Toronto took another significant step toward the development of one of Ontario’s largest co-operative and affordable housing projects.

On January 9, the City of Toronto and CreateTO, finally announced the development partners for the new housing project to be built at 2444 Eglinton Avenue East in Scarborough. They are Civic Developments, Windmill Developments and Co-operative Housing Federation of Toronto; the three will comprise the development team for the project.

The housing project will build approximately 918 homes including 612 rent-geared-to-income (RGI), affordable and market rent-controlled co-operative homes, making it one of the largest affordable housing projects in Ontario in the past 25 years and the province’s largest co-operative development.

MAYOR OLIVIA CHOW

“I’m pleased to announce the development partners for this site, which is helping us reach our affordable housing targets. This project is a good example of how the City, not-for-profit housing providers and private developers can work together to get affordable housing built. This will be the largest co-operative housing development in Ontario to date and will serve as a roadmap to help guide future developments, because we need more housing and everyone at the table to deliver it,” says Mayor Olivia Chow,

“This represents a significant milestone for housing supply in Ontario, addressing the critical need for affordable housing options and fostering inclusive community through co-op housing,” says the City’s press statement on the matter.

Salma Zahid, Member of Parliament, Scarborough Centre, was among the first to welcome the announcement on the selection of the development partners.

“There is a real need in Scarborough Centre for affordable housing that meets the needs of growing families, and I’m excited by the City of Toronto’s announcement for 2444 Eglinton Avenue East to develop more than 600 co-op housing units in our community with Civic Developments, Windmill Developments and the Co-op Housing Federation of Toronto,” she said in a statement emailed to The Philippine Reporter.

“Smart density next to transit hubs like Kennedy Station is a key part of our government’s Housing Accelerator Fund. Last month, the Government of Canada announced $471 million for the City of Toronto from this fund, and I hope the City of Toronto accelerates this important project to meet the serious need for affordable housing.

MP SALMA ZAHID

“In our fall economic statement, we reiterated our commitment to co-op housing, eliminating the GST on the construction of rental co-op units and contributing $309.3-million to the Co-operative Housing Development Fund. These measures are in addition to the expansion of the Apartment Construction Loan Program and the Affordable Housing Fund.

Our investments in housing affordability are making a difference for Canadians, and I can’t wait to see more affordable homes come to Scarborough Centre, “ Sahid said.

The three development partners were selected through what is called a market offering process led by CreateTO on behalf of the City in 2021. The development team’s next step is to go through the official process of obtaining a zoning bylaw amendment and other planning approvals required to enable them to proceed with the final development concept of the project. Then, construction is anticipated to start this year, 2024, the  statement said. said.

This project is made possible through the Housing Now Initiative of the City of Toronto which Toronto City Council approved in January 2019 to activate City-owned lands to stimulate the development of affordable rental housing within transit-oriented, mixed-income, mixed-use and complete communities.

“Through the Housing Now Initiative, City Council approved approximately $40 million in land value and financial incentives, including a waiver of fees and charges and an exemption from property taxes, to make the project at 2444 Eglinton Ave. E. possible,” the statement explains.

“Housing Now is a key housing supply program that supports the City’s HousingTO 2020-2030 Action Plan (HousingTO Plan) target of approving 65,000 new rent-controlled homes over the next ten years. To date, the City has committed approximately $2 billion in land value, capital funding and financial incentives towards supporting delivery of the 65,000 rent-controlled homes. However, new and enhanced investments from all orders of government, as well as the not-for-profit and private sectors are critical to meeting this target.

“Implementation of the HousingTO Plan, which includes programs such as Housing Now, will support the City, Government of Ontario and Government of Canada in meeting their respective housing supply, economic and population growth targets and, most importantly, provide the types of homes needed for individuals and communities all across Toronto to thrive,” the press statement noted.

This housing project itself, is unique aside from its notable size.

It  comprises two co-op buildings and a market ownership building with homes  consisting of a mix of studios, one-bedroom, two-bedroom and three-bedroom apartments.

The site includes 3,580 square feet of community space as well as 12,770 square feet of retail space.  With its location adjacent to the Kennedy Mobility Hub, the site connects four major transportation lines, “fostering a truly sustainable community,” the press announcement says.

As to the crucial issue of affordability, the statement notes:

“Rents for the RGI and affordable co-op homes will be set between 40 and 100 per cent of Average Market Rent as reported annually by the Canada Mortgage and Housing Corporation, making them affordable to a range of people with varying income levels. At least 33 per cent of the affordable homes and 15 per cent of the market rental homes in the project will be accessible.”

As to the usual question of how one can apply to eventually have access to affordable housing in this project, a CreateTO document explains:

“In July 2022, City Council directed the Housing Secretariat to establish a Centralized Affordable Rental Housing Access System, under which all affordable homes will be made available. The system will help people find and apply for available affordable housing, and help affordable housing providers to advertise available homes and find tenants. The City expects the new system to launch in 2024.”