Grey County Council has approved a $45,000 contribution to help the City of Owen Sound purchase land for new affordable housing units.
The funding will come from the county’s Affordable Housing Reserve Fund following a recommendation in a report presented to council this week.
The City of Owen Sound is partnering with the Owen Sound Municipal Non-Profit Housing Corporation (OSMNPHC) to acquire three vacant parcels of land located at 2181, 2207, and 2229 8th Avenue East from the Ministry of Infrastructure. The land, adjacent to existing affordable housing managed by OSMNPHC, is intended to be developed into 10-12 one-bedroom affordable housing units.
Originally negotiated at just under $215,000, the purchase price increased to $260,000 after a title search revealed nine liens registered against the properties. This created a $45,000 shortfall, prompting the city to request financial support from Grey County.
“With the ongoing housing crisis and a critical need for affordable homes in the community, this investment ensures we can move ahead with important developments,” the report noted.
Grey County’s $45,000 contribution will be drawn from the Affordable Housing Reserve Fund, which had a balance of approximately $1.58 million prior to the approval. An agreement will be established between the county and city to formalize the funding and guarantee that the properties are developed for affordable housing use.
The report said the collaboration highlights ongoing efforts by municipal partners to address housing affordability challenges in the region.