Money from a continuum of care project is now being redirected to Wellington County municipalities to address "affordable housing gaps," according to a media release from the county.
The release shares that at the May 29 council meeting, Wellington County Council approved a staff recommendation that funds previously slated for a continuum of care project be redirected to the 7 lower-tier municipalities.
That money, amounting to $7 million, will be allocated in sums of $1 million each to the municipalities for "the development of housing to address the availability gap between low end market housing and subsidized housing," according to the release.
Wellington County Warden Chris White says that this money "can now be used as seed money for local municipalities to try and come up with some innovative solutions to the housing shortage."
Criteria Includes:
1. Each of the 7 Local Municipalities may access up to a $1,000,000 maximum.
2. Municipalities may apply for several projects, provided that the total request does not exceed $1,000,000.
3. Projects may leverage opportunities offered by non-profit organizations and/or private sector entities and must be designed to meet local needs as determined by the Local Municipal Council.
4. In the case of projects based on unit purchase, applications must identify location and number of units, target demographic of the purchaser, type of accommodation and expected unit price range. Applications must also demonstrate that the project is self-financing, replicable, equity generating for purchasers, and requires no County assistance beyond the initial cash contribution. Terms of affordability must be noted.
5. If projects are based on rental accommodation, applications must identify location and number of units, target demographic of the renter, type of accommodation and expected rental rates. Reliance on County subsidy programmes - if any - must also be noted.
6. Rental projects designed to be incorporated into private sector developments must indicate location and number of units, target demographic of renter, type of accommodation, expected affordable rental rates and term of affordability.
7. If requested, County Housing Staff can provide advice on potential projects prior to submission of an application by the Municipality.
8. Applications will be presented to the County’s Administrative, Finance and Human Resources Committee. Projects deemed viable will be recommended to County Council for approval with appropriate conditions.
9. Following approval of an application, the Local Municipality and the County will enter into a contract for the transfer and use of the funds.
10. Funds will be released to the Municipality on a schedule agreed to by the local Treasurer and the County Treasurer.
11.Applications will be received until September 30, 2026.
12.Projects must have all local permissions in place no later than December 31, 2027.
13. Funds not accessed by December 31, 2027, will be deemed forfeited.
14. The development fund will close the earlier of December 31, 2027, or when the $7,000,000 fund has been allocated.
15.Any unallocated funds or forfeited funds will be returned to the County’s Housing Development Reserve fund for the provision of Provincially mandated housing programmes.
"Staff have provided several possible models for local municipalities to consider," commented Earl Campbell, Administration, Finance and Human Resources Committee Chair. "It is essential that we continue to invest in the creation of affordable housing options that are accessible and sustainable for those in need."