Toronto's New Affordable Housing Program Yields 651 New Units
"Toronto’s invitation to build affordable housing, with financial help and incentives from the city, yielded eight new proposals for a total of 651 lower-priced homes," reportsDavid Rider.
The Open Door affordable housing program was approved by the Toronto City Council in 2016. Through the program, the city provides financial contributions including capital funding and fees and property tax relief, fast-tracked planning approvals, and surplus public land, according to the program website.
"Three of the Open Door affordable housing program developments recommended by city staff this year come from by non-profit agencies, with the rest from private developers," according to Rider. "If approved by city council and built, the units will remain below market rent for between 30 years and 99 years, depending on the project."
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