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Summary of the Affordable Housing Capital Program

Summary of the Affordable Housing Capital Program

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Summary of the Affordable Housing Capital Program

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  1. Summary of the Affordable Housing Capital Program December 13, 2005

  2. Program Summary • Still do not have full details • $2.8M to create 40 new affordable housing units • $25,000/unit from federal government up front • $25,000/unit from provincial government over 20 years • Includes interest costs • Anticipated $20,000/unit contribution from municipalities

  3. Program Summary • Can be new construction, renovation of commercial, industrial or current residential building(s) or combination • Average project rent 20% below CMHC average market rent • 20-year affordability

  4. Municipal Contribution • Required - Property tax equalization or equivalent (single family residential rate) • Optional – Grants, waiving fees, etc. • Municipalities can be very specific for projects qualifying for property tax equalization. Options include: • Must be a non-profit group • Must charge rents 20% less than CMHC average • Must rent to low-income households form the social housing waiting list • 20-year term

  5. Administration Fees • Greater of $50,000 or 1.3% of total capital funding allocation (1.3% of $2.8M is $36,400) • Up to $150,000 from federal government for project development (no further details provided about how to get this funding)

  6. Next Steps • Wait for guideline details • Decide who we want to create new units and if there are any restrictions • Could be only non-profit corporations • Could be only the HLHC • Decide where units should be • Belleville, Quinte West, Bancroft

  7. Next Steps • Determine size of units required • Proportion of new vs. renovation projects • Rent levels – 20% less than CMHC AMR or less? • Determine targeted groups (seniors, adults, special needs) • Some of these can be vetted through the community via the Affordable Housing Action Network

  8. Next Steps • Talk to identified municipalities to see if they are interested • Develop a strategy for take-up and delivery of units, including a preliminary timeline for implementation