The District of Muskoka is supporting a Habitat for Humanity Project.
A $155,300 funding agreement has been made supporting the construction of two affordable, universally accessible homes in Bala.
They are expected to be built on Elm Street next year.
The District was able to support this Habitat project through funding provided by the governments of Canada and Ontario, who are committing $155,300. The funding will be delivered through the Ontario Priorities Housing Initiative (OPHI).
“Every Canadian deserves a safe and affordable place to call home,” says the The Honourable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC). “Through investments like this one in Bala, our Government is helping create new jobs and stimulating the economy, while providing access to safe, affordable homes that meet the needs of Canadians. This is the National Housing Strategy at work.”
“Our government knows how important it is to create fully accessible affordable housing in Muskoka and communities across Ontario,” said Steve Clark, Minister of Municipal Affairs and Housing. “This is a great example of how we are helping to make our community housing system more efficient and sustainable, and helping to ensure that people can access the housing and supports they need today, and in the years to come.”
“Affordable housing is perhaps the biggest challenge facing our communities across Muskoka,” shared District Chair John Klinck. “We are so pleased that funding from the province has created the opportunity to partner with Habitat for Humanity on this important project that will support residents of Bala with a place to call home”.
The funding agreement represents a forgivable loan to Habitat for Humanity Ontario Gateway North in the amount of $155,300 towards the capital costs required to complete the construction of the homes. The agreement is structured to ensure the homes are rented at an affordable rate of 20% below the average market rents in Muskoka for twenty years.
By partnering with Habitat for Humanity Ontario Gateway North, the resident families will be assured of paying an affordable monthly rental payment, a portion of which is saved and applied as a down payment to purchase their home twenty years after the move-in date.
“This Deferred Homeownership program is a hybrid of Habitat’s affordable home ownership and affordable rental programs,” says Kimberley Woodcock, CEO of Habitat for Humanity Ontario Gateway North. “This model makes good use of donated funds. We serve the community now by creating badly needed affordable rental units, and in time, we’ll leverage the same contribution and adapt to serve the community again by providing affordable homeownership opportunities.”
To join the effort by donating or volunteering, go to www.habitatgatewaynorth.com.
For more details, please click here.
The District of Muskoka and Habitat for Humanity Ontario Gateway North have signed a funding agreement supporting the construction of two affordable, universally accessible homes in Bala.
Read the release here: https://t.co/B4m9OaY1AY#Muskoka #HabitatOGN #HabitatForHumanity pic.twitter.com/pB5zapBi4Z— District of Muskoka (@DistrictMuskoka) April 13, 2021