Habitat could see fees of $859K for condo project refunded by city
A Habitat development of 41 affordable condos under construction on Leahy’s Lane is expected to be finished in January 2022 — and the city may be offering financial help to get it done.
On Monday, council will consider refunding $859,744 in fees for the project. A city staff report recommends the refund, stating Peterborough has supported Habitat for Humanity projects for a decade through waived fees, free land or loans for Habitat homebuyers.
“Habitat has received remarkable results and has created a local success story that has attracted significant local support,” states the report.
Habitat for Humanity Peterborough and Kawartha Region is a non-profit that serves both the city and County of Peterborough, states the report. It allows volunteers and donors to build houses, often with help from low-income people who will eventually buy the homes.
This new three-storey building — complete with an elevator — is under construction at 33 Leahy’s Lane, on the first block east of Armour Road and north of Parkhill Road.
It will include one-bedroom condos (six of those), two-bedroom condos (29) and six threebedroom condos. The report states there’s room for nine singles, 10 seniors, four couples and 18 families. Habitat for Humanity is taking applications from people interested in living there.
The income limit for families is between $ 3 0,0 0 0 and $82,000, states the report, and buying a condo will require no down payment. Habitat homes generally cost at least 10 per cent less than resale value.
Mortgag e payments are geared to income, the report adds, and residents will have to cover their own heat and air conditioning costs plus their condo fees (which will be about $250 monthly).
The project has already received $4.1 million in federal funding, states the report, plus $1.2 million so far in discounted or donated building materials and services. City staff recommends council refund $707,783 in development charges, plus $151,961 in fees collected in lieu of parking.
The city charges fees whenever a developer proposes to build fewer parking spots for a residential complex than the city’s recommended minimum. The assumption is that tenants or homeowners will make greater use of street parking or public transit when there aren’t enough parking spots. The city
uses cash-in-lieu of parking to help cover parking and transit costs.
In this case, the 41-condo complex will have 50 parking spots rather than the city’s recommended 72 spots (for a deficit of 22 spots).