At Council-in-Committee on May 12th, Council received a report for information providing an update on the City’s Rental Incentives Program as an initiative for the Housing Accelerator Fund (HAF). The report provides a status update on various components in the review: 

The proposed next steps are as follows: 

• Housing Mix Policy: 
• Guide the composition of units in new medium and high-density developments citywide, to be completed in 2025. To date, housing mix has been addressed through staff negotiations, relying on developers to voluntarily meet expectations. Staff plan to bring a draft policy forward for Council's consideration in the fall; 
• Encourage 100% rental housing in medium-density buildings: 
• Given that the City can no longer use Density Bonus to the same extent to provide rental housing, staff are evaluating alternative options to encourage medium-density market rental housing projects in different ways. This is intended to be completed in 2025; 
• Revise Rental Incentives in high-density zones to deepen levels of affordability and/or expand below-market units: 
• Further in-depth analysis and consultation with the development industry will be conducted to review new tools such as ACCs. The completion of the review has been deferred to 2026; 
• Affordable Housing Reserve Fund (AHRF) criteria review: 
• The City can no longer fund the AHRF through Density Bonus revenues and will undertake a review, completed in 2025, to improve clarity and align with the evolving housing policy landscape. Staff will report back in the fall. 

More information can be found in the full report by City staff.