York Region is seeking non-profit partners to help build community housing as part of a new grant program.
The region is calling for applications for a new community housing supply grant pilot program. The grant will provide millions in capital funding to non-profit and co-operative housing organizations ready to build. The program aims to increase the supply of community housing.
“This grant will help enable community housing development, providing new homes to households with low and moderate incomes and addressing wait list demand,” a regional staff report said.
The region will offer $5.5 million in 2023 and $4.7 million in 2024 to eligible proponents with a conditional capital grant. Applicants must be registered non-profit or co-operative that will operate the project as non-profit or cooperative housing for at least 20 years.
Regional council approved the funding in February to help address the housing crisis.
The projects must provide a minimum of 10 residential units and rent at no more than 100 per cent of the Canadian Mortgage and Housing Corporation average market rate for a minimum of 20 years. The region can also, on a case-by-case basis, further supplement these units and then place them on the regional subsidized housing waitlist.
The region will evaluate grant program and consider it as part of the region’s community housing development master plan.