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Affordable housing may be used to define housing that costs less than or equal to the "average market rent" or "average market price" but does not include municipally-run Community Housing or other community housing programs. Under this definition, "affordable" means the range of housing for households that earn too much to qualify for "income security" programs, but who do not earn enough to be able to pay market rates without paying more than 30% of their pre-tax income.

Affordable

Housing

Development Loan

Program

Providing financial assistance to off-set the up-front costs associated with the development of new affordable housing units

- Three (3) levels of loan: $ 10,000 per unit (LOW) $ 15,000 per unit (MEDIUM) $ 20,000 per unit (HIGH)

• In buildings with more than ten (10) units there must be mixed affordability

• A minimum of five (5) affordable rental units must be created.

• In mixed buildings of Market and Affordable units, where there are more than ten (10) units in the building, no more than two-thirds (66%) of the units may be affordable units.

Additional

Residential Unit

Loan Program

Providing financial assistance to off-set costs associated with creating new additional residential units and to improve the affordability of home ownership.

- Loans are the lesser of $20,000 or the cost of eligible works.

• - The new Additional Residential Unit is required to be within an existing residential building

• - The Additional Residential Unit is permitted within or on the same property as the existing single or semi-detached home or street townhouse

• - Owner-occupancy is required

• - The Additional Residential Unit must maintain a valid Residential Rental Unit License (RRUL), which must be renewed with the City every year

Same as the definition provided in the Provincial Policy Statement, 2014

Tax Increment Equivalent Grant

Council may provide grants to the owner or tenant of an eligible property to help offset costs associated with its rehabilitation, reuse, development and redevelopment of the property, provided that the improvement to the

- The maximum number of years that any individual application can benefit from is five (5) years. In year one (1) through three (3) of the program, the grant to the property owner/tenant is equal to 100% of the tax increment. In years four (4) and five (5), the grant decreases to 50% pf the tax increment.

- The development or redevelopment must include a minimum of 4 units which qualify as “affordable”; the four (4) units minimum does not apply to non-profits developments of fewer units