Affordable housing project aims to combat displacement crisis

In a recent government meeting, discussions centered on a new affordable housing project in a transit-oriented development (TOD) area. The project, spearheaded by ULC, is set to begin with a phase that will consist entirely of 100% affordable housing. This initial phase aims to serve individuals and families earning between 20% to 80% of the area median income, with a significant focus on those at risk of displacement in the neighborhood. Notably, 90 units are specifically reserved for residents facing the greatest risk.

ULC has held the property for 12 years with the intention of developing affordable housing, and they plan for at least two-thirds of the site to remain affordable in future phases, while the remaining third will be determined based on market demand.

Funding for this initiative is currently being sought through low-income housing tax credits, with an application submitted last week. A decision on funding is expected in November.

The meeting also addressed potential challenges related to the project’s approval process. A council member raised concerns about the implications if a tax amendment bundle does not pass in October, noting that the applicant would then need signatures from all property owners to amend their specific site. Additionally, questions were posed regarding the height of existing buildings adjacent to the proposed site, with current structures ranging from five to eight stories.

This project represents a significant step towards addressing affordable housing needs in the area, with ongoing discussions highlighting both the opportunities and challenges that lie ahead.