$3.4 Million Allocated to Develop 51 New Affordable Housing Units
Waterloo Region – Community Services Committee approved the allocation of $3.4 million in funding yesterday to support the development of two new affordable housing projects for Waterloo Region residents.
The projects were selected from an Affordable Housing Request for Proposals (RFP) issued by the Region in August and will add at least 51 new affordable housing units. The two projects were the highest scoring through the evaluation process, which included criteria of construction readiness, affordability, and feasibility.
The recommended projects include:
- St. Paul’s Church, a non-profit provider, will develop 21 new affordable housing units at 137/149 Queen St. S, Kitchener. The units will be created for low-income seniors and will feature multiple levels of barrier free accessibility. The project is recommended to receive $1,464,500 from the Ontario Priorities Housing Initiative.
- 55 Franklin GP Inc., a private sector housing provider, will develop 30 new affordable housing units at 55 Franklin St. S., Kitchener and partner with specific housing providers to offer affordable housing. The project is recommended to receive $1,960,000 from the Regional Strategic Investment in Affordable Housing.
“The continued ability of our partners to deliver shovel-ready projects is critical as we expand access to affordable housing in our community,” said Karen Redman, Chair of the Region of Waterloo. “With 1,154 new affordable homes, our housing plan is on track to surpass its year two target.”
The Region issued an Affordable Housing Request for Proposal (RFP) in August 2022 for construction-ready affordable housing projects. The recommended projects will go to the Region of Waterloo Council meeting on December 14, 2022 for final approval.
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