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- The city of Toronto has taken the first step toward eliminating development charges on thousands of new housing rental units if developers ensure that 20 per cent of the homes are affordable.
www.pressreader.com/canada/the-weekly-voice-9xyr/20241101/281891598779961City of Toronto seeks to eliminate development charges on ...
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3 days ago · The city of Toronto has taken the first step toward eliminating development charges on thousands of new housing rental units ... Toronto’s development charge for a rental bachelor or one-bedroom ...
3 days ago · City of Toronto staff are recommending – through the staff report, Build More Homes: Expanding Incentives for Purpose-Built Rental Housing – actions to support the development of 20,000 new rental homes including up to 16,000 purpose-built rental homes and a minimum of 4,000 affordable rental homes. Of this, the City is committing to build 7,000 rental homes through its own resources.
3 days ago · The Purpose-built Rental Homes Incentive supports 20,000 new units, of which up to 16,000 would be purpose-built rentals, with at least 4,000 designated as affordable housing. To jump-start the process, the City would commit to build 7,000 rental homes through its own resources. Developers participating in the program would receive incentives.
3 days ago · ‘The math doesn’t work for new rental homes,’ says Mayor Chow, announcing the policy that — if approved — would cover up to 7,000 new rental units. Updated 16 hrs ago Oct. 30, 2024
1 day ago · The city of Toronto has taken the first step toward eliminating development charges on thousands of new housing rental units if developers ensure that 20 per cent of the homes are affordable. Development charges are fees the city requires developers to pay to help cover the cost of providing infrastructure such as roads, sewage and transit to a new building.
3 days ago · Projects that qualify for the proposed incentive would receive “an indefinite deferral” of development charges, so long as they remain rental in tenure (estimated at $37,636 per unit), a “recommended” property tax reduction of 15% for 35 years (estimated at a total of $20,396 per unit), and “full financial incentives, including foregone taxes and fees for affordable rental units ...
2 days ago · As Toronto grapples with a shortage of rental housing for a growing population, city staff say council needs to incentivize the development of 20,000 new rental homes through tax and fee reductions — and they have a plan to do it."Toronto is facing a significant shortage of purpose-built rental homes due to insufficient investments from all orders of government since the early 1990s, amongst ...
