The Region of Peel is pleased to announce the launch of the permanent Peel Affordable Rental Incentives Program (PARIP), designed to support the development sector in building more rental housing for middle- and low-income households in Peel. The program, previously known as the Affordable Housing Incentives Pilot Program, was tested successfully as a pilot last year.
Regional Council approved the Pilot Program on July 9, 2020, following the Housing Strategy and Peel Housing and Homelessness Plan (PHHP) identifying a need for more affordable housing for both middle- and low-income households.
Through the program in 2021, $7.48 million was awarded to three applicants to receive funding to build 130 middle-and low-income rental units.
Most recently, to build upon the success of the Pilot Program, the Peel Affordable Rental Incentives Program was endorsed as a permanent program by Council on July 7, 2022.
Applications will be scored on a variety of factors including length and depth of affordability, status within the development approvals process, and suite mix of the affordable housing units. Successful applicants will receive funding for the affordable units. Any private and/or non-profit developer building affordable rental for middle-and low-income households in Peel may apply to this program. $2.5 million in capital grant funding will be available in 2022, with a new round of funding anticipated for 2023.
The next round of the Peel Affordable Rental Incentives Program will be launched in Fall 2022, with materials being available prior to the launch on the program website.
Aileen Baird, Director of Housing Services said: “We’re excited Regional Council has approved the Peel Affordable Rental Incentives Program as a permanent program, allowing us to continue to work with the development community to bring more middle- and low-income rental housing to Peel.”
Interested applicants can subscribe for updates to the program by emailing email@example.com.