Grey County is moving ahead with a major investment in affordable housing for seniors.
Grey County Council will enter into an agreement with Lutheran Social Services Owen Sound Inc. (LSSOS) to support a new affordable housing project for seniors in Owen Sound.
In a report to county council, Anne Marie Shaw, Director of Grey County Community Services, said LSSOS was successful in attaining federal funding after receiving an initial funding commitment from the county several years ago.
County Council approved their funding toward plan at the August 14 meeting.
"That's $1.6 million in capital funding," Shaw explained. "And then upon occupancy, we would look at entry into agreement with them for some operating funds to ensure that the project maintains its affordability."
The $1.4 million in operating funds would be provided over 20 years.
The project will see a six-storey, 40-unit apartment building constructed on LSSOS’s existing non-profit housing site on 3rd Avenue East in Owen Sound.
"They're looking at 35 one bedrooms and five two bedrooms, and 30 of the forty units are going to be accessible, physically accessible, physically accessible, which is great for clientele," Shaw revealed.
The new apartments will be offered to seniors on the Grey County Community Housing Wait List, which continues to grow as demand for affordable housing outpaces supply.
The $17.3 million build will be supported through the federal Affordable Housing Fund administered by the Canada Mortgage and Housing Corporation, with Grey County’s contribution secured through a 20-year forgivable loan.
The units will feature energy-efficient appliances, high insulation levels, and ground-source heat pumps to keep operating costs lower for residents.
Lutheran Social Services, a non-profit housing provider that has been serving Owen Sound for more than 30 years, donated the land for the project.
Capital funds from the county will be released as construction progresses, while operating funds will be disbursed quarterly once the building is complete and occupied.