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Innovative affordable home ownership plan looking for some flexibility

Innovative affordable home ownership plan looking for some flexibility

A group hoping to promote affordable home ownership is asking Hamilton Council for some flexibility on the payment of development charges. Trillium Housing is a non -profit  that uses surplus public lands to erect townhomes and then provides mortgages that are only repayable when the owner sells the property. This reduces the monthly mortgage payment to an amount similar to that of affordable rental. The difference is that the owner after paying off the mortgages, will come away from the sale of the property with equity that can be applied to another purchase.

At issue is whether a scheme that supplies owned property as opposed to rental property can quality for non-profit status and thus be allowed to spread development charges over 20 years’

The company has plans to build 132 townhomes at two sites in upper and lower Stoney Creek on property purchased from the province. Trillium notes The Province sold the land to Trillium Housing for the express purposes of supporting affordable housing initiatives such as these Trillium Housing developments. Together these 131 units are providing affordable ownership options to families wishing to live in the Stoney Creek area of Hamilton.

Hamilton’s Audit Finance and Administration Committee asked staff to try to negotiate a settlement with Trillium that will allow the projects to proceed. Committee member Maria Pearson says he is confident a resolution to the issue can be found.

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