Much-needed housing o ers some hope
Mixed-income project will be 240-units in Kilkenny
As the demand for affordable housing continues to surge, there is at least some hope on the horizon in the form of a new mixed-income housing project featuring a new revenue model.
The $72 million Londonderry affordable housing development will be breaking ground soon and is set to replace an 80-unit affordable housing unit with a 240unit project in the community of Kilkenny, according to Capital Region Housing Corporation (CRHC) CEO Greg Dewling.
“This is a mixed-income project where families can place some roots and grow and not worry about having to move when their economic situation changes,” he says, adding this new revenue model will target three areas.
“Firstly, we are targeting truly low income and finding mixed-use for families to move in and grow. Second, we are focusing on helping families still in need but a little higher income than subsidized housing. Thirdly, there are higher income families that still qualify but spend too much on housing.”
While the development will help ease some of the burden on the bleak affordable housing market, many more like it will be needed to really make a dent in the demand. Current social housing is 30 or 40 years old and in many cases, are more cost effective to rebuild than renovate.
“We’ve certainly seen an increase in demand over the last number of years; however, there are challenges to keeping up with that demand and the demand continues to grow.”
In fact, the CHRC receives over 300 applications every month and with their current housing portfolio they are only able to place about 50 families a month, leaving about 250 on the monthly waiting list that continues to grow.
To address growing waitlists, the CRHC also plans to turn to private-sector joint ventures, which will help get people into the 80 per cent market value subsidy housing.
The Londonderry development will help ease some of the burden on the bleak a ordable housing market.
The $72 million Londonderry a ordable housing development will be breaking ground soon.