City of Toronto gets ball rolling on Inclusionary Zoning Policy
TORONTO – The City of Toronto Planning and Housing Committee has voted to move forward with the new Inclusion Zones Policy, one of the steps the city is taking to facilitate the creation of affordable rental and condominium in Toronto.
The committee recently approved a staff report proposing a change to the official inclusion plan, a change to the zoning regulations and draft implementation guidelines.
If the proposed policy is adopted by the city council at the November meeting, Toronto will be the first city in Ontario to introduce this instrument, which makes it mandatory for certain developments to include affordable housing, according to a press release from the city of Toronto.
From 2022, inclusionary zoning will secure five to ten percent of condominiums as affordable living space, and eight to 22 percent by 2030.
In the city’s policy, rents and property prices would be based on proposed new income-based definitions of affordable housing aimed at households with annual incomes between $ 32,486 and $ 91,611, the press release adds.
If the directive is approved, the directive would ensure that affordable housing is incorporated into new developments on a consistent basis rather than being negotiated on a location basis, the city press release said, adding that it is proposing a framework that the City will help HousingTO achieve its target of approving 40,000 affordable rental homes and 4,000 new affordable condominiums by 2030.
“This will build affordable housing in our city and the annual policy review the committee endorsed today will ensure we find the right balance,” Toronto Mayor John Tory said in a statement. “Driving forward comprehensive, equitable policies like the proposed inclusion zoning is the right step to ensure our city supports its people, builds inclusive communities, and stays vibrant and strong. I am pleased that Toronto is leading this development in Ontario to ensure that affordable housing is always available and that it is affordable for the future. “