Establishment of a grant program with two funding streams to accelerate affordable housing development
The General Purposes Committee approved the framework for a Housing Priorities Grant Program, designed to utilize $10 million in Canada Mortgage and Housing Corporation (CMHC) Housing Accelerator Fund (HAF) funding to accelerate the development of 220 affordable rental homes. The program includes two funding streams: one for non-profit and cooperative organizations to offset development costs, offering grants of up to $40,000 per affordable rental home or up to $50,000 for feasibility studies; and another for for-profit homebuilders to offset Development Cost Charges (DCCs) by up to 75% for voluntary affordable rental housing exceeding existing targets. The program will launch in January 2025, with staff providing a six-month update to Council on demand and potential program adjustments. All applications will be brought to Council for consideration and approval. The program aims to address financial barriers to affordable housing and align with the City’s Affordable Housing Strategy.