The Toronto City Council has adopted a policy that will require that some new residential developments include affordable housing units.
The Inclusive Zoning plan, which includes draft implementation guidelines and an amendment to the zoning statute, will make it mandatory for certain new developments to include rental housing and affordable property options starting next year, city officials said in a statement. press release on Tuesday.
The statement said that the amount of affordable housing required in a development will depend on where it is located and whether the intention is for rental or unit ownership. It will focus on developments “around the main protected areas of transit stations,” with most of the requirements in the city center, followed by Midtown and Scarborough Center, according to the statement.
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Initially, the policy will require that between five and 10 percent of condo units be affordable housing, increasing from eight to 22 percent by 2030.
“Toronto’s Inclusive Zoning framework sets out the fundamental requirements for affordable housing to be consistently incorporated into new developments and ensures affordability is maintained for 99 years,” the statement said.
“The policy will be closely monitored and revised after one year to allow for any adjustments that may be necessary, including changes to the onboarding and / or withdrawal rate, alterations to the minimum development size threshold, and any other changes necessary to ensure market stability and affordable housing production. “
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Officials said other parts of the city will be analyzed to see if there are areas to which the policy should be expanded.
The policy will target households with an annual income between $ 32,486 and $ 91,611.
Officials said it will help achieve the City’s plan to approve 40,000 affordable rental homes and 4,000 affordable-owned homes by 2030.
Toronto is the first city in Ontario to implement an inclusive zoning program.
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