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

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Presentation on theme: "Summary of the Affordable Housing Capital Program December 13, 2005."— Presentation transcript:

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


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