Affordable Housing Units Coming to Mississauga
For well over a year now, Mississauga has been working to address the mounting affordable housing crisis plaguing the city.
Now, it looks some residents could get some relief in the form of a brand new building development planned for the City Centre area.
The Daniels Corporation, the development firm who has built multiple properties in the City Centre and Erin Mills Town Centre areas in the city, is slated to construct an affordable housing project at 360 City Centre Drive.
Acting to enhance affordable housing options in the city—something Mississauga has been championing for sometime—council will a provide a sizeable $2.7 million to the Region of Peel to offset development charges for the project.
The Region approved funding of the much-needed project to the tune of $65 million ($65,966,522, to be exact) on June 22. After approving funding, the Region asked Mississauga to "consider granting relief from City Development Charges (the aforementioned $2.7 million) by waiving or providing a grand to offset such DCs."
As for how the development will work, 40 per cent of the units (70 in total) will be Rent Geared to Income suites. These units will take residents off affordable housing waitlist. The city also says that 60 per cent (or 104 units) will be set aside for renters and owned by the Region. They will be available to middle-class residents.
A second tower on the same podium will boast market-value units, creating a mixed-income property on City Centre grounds.
This news is no doubt relieving to the many low and mid-income residents who can no longer afford housing in the city.
Recently, the city drafted its Making Room for the Middle: A Housing Strategy for Mississauga, a plan meant to address the fact that one in three households are spending 30 per cent or more of their income on housing.
With detached home sale still sitting around the $1 million mark and condos costing buyers over $400,000, there's no arguing that relief isn't necessary for a plethora of households.
We'll keep you updated on developments with the Daniels building as they become available.
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- What is Mississauga Doing to Increase Affordable Housing?