Ontario Construction News staff writer
The City of Mississauga has announced its plan to invest in building more affordable rental housing units citywide. The city says in a statement that is taking a number of steps to achieve this goal, including offering financial incentives to developers and homeowners who are willing to build affordable rental units.
The city’s proposed Affordable Rental Housing Community Improvement Plan (CIP) is a tool under the Ontario Planning Act that will allow the city to provide incentives such as grants and loans to help encourage development, says the news release. The funding for the CIP is being provided in part by the federal Housing Accelerator Fund. The city and federal government have recently signed a $112.9 million agreement to help deliver more affordable homes and improve affordability.
The city will also be holding a public meeting on the CIP on Tuesday, May 21, at 6 p.m. The meeting will be held at the Planning and Development Committee and will include an overview of the proposed plan and an opportunity for residents to provide feedback.
Encouraging the construction of more affordable rental units is considered key to Mississauga’s efforts to address the housing crisis, the statement says. Rental properties are more attainable for those who are new to the housing market or who have moderate incomes. In addition, properties built specifically for the rental market provide more security for tenants over the long term.
The city believes that increasing the rental housing supply will help to meet the needs of a diverse community and make housing more affordable for everyone. The CIP is part of the city’s Growing Mississauga: An Action Plan for New Housing and is a key step in the city’s efforts to deliver more homes and improve affordability.