The City of Mississauga announced it is working on a plan to encourage the construction of more affordable rental housing. If approved, the plan will offer grants and financial incentives for a variety of rental units, from large-scale apartment buildings to smaller garden suites and basement apartments.
In Mississauga, the need for affordable housing is an important issue affecting one in three households. Rental housing affordability is especially challenging. As such, the City says the Action Plan for New Housing will prioritize the construction of purpose-built rental housing for the following reasons:
- Rental properties are more attainable for those who are new to the housing market or who have moderate incomes;
- Properties that are built specifically for the rental market provide more security for tenants over the long term (as they are more likely to remain rental stock);
- Increasing rental housing supply is important but the City needs a variety of housing types to meet the needs of our diverse community;
On May 21, the City of Mississauga held a public meeting, livestreamed on the Planning and Development Committee website, to provide an overview of its proposed Affordable Rental Housing Community Improvement Plan (CIP) and to take feedback. The CIP will be funded, in part, through funds received from the federal Housing Accelerator Fund.
The City is currently exploring incentives for developers that build rental housing in Mississauga through consultation. In spring 2024, it will present a report to Council outlining a proposed city-run incentive program for affordable rental housing units. The plan aims to create at least 100 new affordable rental units each year over a three-year period with potential for the program to extend beyond three years.
“More rental units can help us increase the rental vacancy rate to our goal of three per cent,” the government wrote. “It will also help us meet municipal housing targets set by the Province of Ontario.
For more on Mississauga housing incentives, click here: Affordable Rental Housing Community Improvement Plan – City of Mississauga
