Hamilton’s aging social housing stock will get much-needed upgrades thanks to a combination loan and grant from the federal government. Hamilton will be receiving $145.6 million in funding from the federal government for the repair and regeneration of 6,290 affordable housing units.
Many of these units will be for priority vulnerable groups, with almost half of the units dedicated to seniors across the city.
This year’s budget, makes $750 million in NHCF funding available in 2021-22 and 2022-23. This will accelerate the creation of 3,400 new units, and the repair of 13,700 units.
“Today’s announcement for the rejuvenation of nearly 6,300 affordable homes across Hamilton will improve the living standards and housing conditions for thousands of vulnerable residents and families across Hamilton,” said Ahmed Hussen, Minister responsible for Canada Mortgage and Housing Corporation (CMHC)
“Housing is about dignity. This investment is a crucial step towards ensuring that the most vulnerable among us have access to the housing and supports that meet their needs, including our seniors, “noted Bob Bratina, Member of Parliament for Hamilton East—Stoney Creek
CityHousing Hamilton is receiving two loans over a 9-year period under the NHCF for a total of $145.6 million in financial support: That includes a $58.2 million forgivable loan and a $87.4 million repayable loan.
All 6,290 units under this agreement will exceed NHCF affordability criteria, with an average lease rate of 61.4% of Median Market Rent (MMR).
A minimum of 20% of the 6,290 units will meet NHCF accessibility requirements.
With a budget of $13.2 billion, the NHCF gives priority to projects that help people who need it most, including women and children fleeing family violence, seniors, Indigenous people, people with disabilities, those with mental health or addiction issues, veterans and young adults.
Through the NHCF, the Government of Canada will work with partners to build up to 60,000 new affordable homes and repair up to 240,000 existing affordable and community homes.