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Region approves bylaw to support affordable rental housing

With the lowest rental stock in the Greater Toronto and Hamilton Area, affordable housing is a priority for York Region Council

COUNCIL HIGHLIGHTS
REGIONAL MUNICIPALITY OF YORK
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York Regional Council approved a bylaw to designate York Region as a Community Improvement Project Area for affordable rental housing incentives.

Council has endorsed a Draft Guideline and has advanced the process of creating a Community Improvement Project Area for affordable rental housing incentives. The rental housing incentives endorsed through the Guideline are:
  • A new 48-month deferral for Regional development application fees (initial submission only)
  • A new Tax Increment Equivalent Grant for the Regional portion of the property tax increase for up to five years

The above are in addition to the existing 36-month development charge deferral for purpose-built high-density rental buildings. With the lowest rental stock in the Greater Toronto and Hamilton Area, affordable housing remains a priority for this term of Council.

York Regional Council also received an update from the Markham Inter-Church Committee for Affordable Housing (MICHA) on the development of a 32-unit affordable rental apartment building in the City of Markham.

Construction of the development, which is funded through the Federal/Provincial Investment in Affordable Housing Extension program, is underway and will include 25 one-bedroom units for seniors, two one-bedroom apartments designated to 360°Kids and five accessible units for seniors with disabilities.

York Region continues to have the lowest supply of rental housing in the Greater Toronto Area. Once complete, the building at 18 Water St., will contribute to a full mix and range of housing options that help create complete communities.

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