MISSISSAUGA LAUNCHES $44 MILLION PROGRAM TO BOOST AFFORDABLE RENTAL HOUSING
Mississauga city council has approved a $44 million Community Improvement Plan (CIP) aimed at increasing the supply of affordable rental housing, including financial support for developers committed to constructing affordable rental units.
“The availability of affordable rental housing is a critical issue in Mississauga. Through financial incentives, we aim to address some of the financial challenges developers face,” said Andrew Whittemore, Commissioner of Planning and Building. “We listened to industry feedback and increased the grant amounts per unit to better support affordable housing construction.”
The CIP has two objectives: to enhance the availability of affordable and below-market rental units in multi-unit buildings and to promote the development of gentle density rental options such as basement apartments, garden suites, triplexes, and fourplexes in areas with lower density.
The CIP will be implemented as a grant program. Applications will be accepted starting this fall through 2027, or until the allocated funds are depleted. This program is expected to help build more than 300 new affordable and gentle density rental units over the next three years.
“Ensuring more rental housing is built in Mississauga is a top priority for our Council, city staff, and my Housing Task Force,” said Mississauga Mayor Carolyn Parrish. “We must utilize every available tool to increase housing stock. I urge homeowners and developers to take advantage of this incentive program. Now is the time to start building!”
The CIP also introduces two innovative strategies to bolster affordable housing development:
- Tax Increment Equivalent Grants – These grants could offset a portion of the increased property taxes resulting from the redevelopment of multi-residential units, pending Council approval.
- City Land Acquisition Program – This initiative will enable the acquisition and sale of municipally-owned land at nominal or below-market rates for affordable housing projects.
Some of the funding will come from the federal Housing Accelerator Fund. In December 2023, the Government of Canada and city council announced a $112.9 million agreement to enhance housing construction and affordability.
For more details on the CIP and how to apply, residents and developers can visit the City of Mississauga’s website.
Story by: Ontario Construction News
