Summary of the Affordable Housing

Capital Program

December 13, 2005

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

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

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

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)

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

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

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