""One out of five [rental units in Dennis] are going to be affordable, not using federal affordability criteria it's based on a person's income," Toronto Mayor Olivia Chow said at a news conference."
""We cannot allow that to happen," Chow said."
The Dennis project in Mount Dennis on Locust Street will deliver 448 rental homes and 89 income-based affordable units. One in five rental units will be designated affordable based on a person's income rather than federal affordability criteria. The purpose-built rental housing program, approved last November, provides $457.5 million in financial incentives to encourage private developers to build rental housing. More than 44 projects are currently using these incentives and are expected to produce about 10,000 new homes, including 7,100 purpose-built rentals, nearly half of which will be rent-controlled or affordable. The program aims to mitigate trade job losses linked to slow housing starts.
#purpose-built-rental-housing #income-based-affordable-housing #housing-incentives #construction-jobs
Read at www.cbc.ca
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