Monday, 27 October 2014

City of Toronto Approves Funding for Affordable Housing Organizations

Recently, the City of Toronto has increased their planning and development fees by roughly 60%, which translates to an increase of $6000 to $7000 per unit. As a result of the rising prices, the Affordable Housing Committee went to City Council to propose an increase in funds for the Home Ownership Assistance Program (HOAP). This program provides loans to affordable housing organizations such as Options for Homes to reduce some of the upfront planning and development fees. 
At the City Coucil meeting on May 15th, the city approved the proposal. Organizations such as Options now receive $25,000, a $10,000 increase, per unit to help with those development fees on upcoming developments. Options for Homes uses the loans received by the HOAP to help purchasers with their down payments. Currently this increase in funds applies to Danforth Village Estates, meaning that Options provide more families with their down payments.
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Danforth Village Estates
Check out our website to find out more about Danforth Village Estates or register for a free information session.