Mississauga Council recently approved a proposal to develop a Community Improvement Plan (CIP) to offer incentives for new affordable rental dwellings.
“Mississauga, much like many other growing cities across the Greater Toronto Hamilton Area (GTHA), is facing a housing affordability challenge,” said Mayor Bonnie Crombie. “This plan will help Mississauga take another meaningful step toward building more affordable rental housing in our city. It will also allow us to continue to make progress on our Making Room for the Middle Affordable Housing plan and ensure that everyone, no matter their background, can afford to live in Mississauga.”
A CIP can be created when what is needed in a community will not be built by the market without intervention. This CIP could encourage the development of new affordable purpose-built rental units by providing financial and non-financial incentives. Only units meeting defined affordability criteria would be considered for incentives by Council. Staff will recommend the appropriate affordability thresholds through work on the CIP.
The approval begins a three-step process which includes:
• Introduction of a by-law to designate the entire city as a Community Improvement Project Area for the purposes of affordable rental housing
• Preparation of the Plan including an analysis of incentive options
• Consultation with the community and industry, including a statutory public meeting