In the spring of 2020, the Tower Renewal Partnership completed CMHC-funded research examining the opportunity and challenges of utilizing existing Tower in the Park sites for the creation of new affordable housing to contribute to addressing Canada’s current housing supply challenge.
The research identified many opportunities in Tower neighbourhoods including Not for Profit developers as well as private for-profit developers. Overall, Not for Profit developers, both public and private, are best positioned to deliver affordable housing through mixed-income developments, as well as added community benefit where project surpluses allow.
Moving forward, the report recommends:
- Growing the Not for Profit Development Industry
- Leveraging Sites Already Owned to Avoid Land Costs
- Pre-Zoning Sites Where ‘Social Impact Development’ is Desirable with ‘Conditional’ Zoning
- Encouraging Municipal Partnerships with Not for Profit Developers to Create Coordinated Investments
- Calibrating National Housing Strategy Tools for Maximum District Impact
Download and read the full report here.