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Summary of the Affordable Housing Capital Program

Detailed summary of the Affordable Housing Capital Program 2005, outlining funding details, eligibility criteria, municipal contributions, and next steps for creating new affordable housing units.

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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

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