A report to be delivered to Peterborough City Council on July 24 recommends the city provide more than $24 million in funding to the Peterborough Housing Corporation (PHC). It would be bridge funding to allow the corporation to create 119 units of social housing at a former community college.
An existing building will be converted into 38 units plus daycare and office space while a new six-storey building will be erected on a former parking lot to hold 81 units for seniors.
The total cost of the project is estimated around $40 million. With government grants, and revenue from the sale of PHC assets worth $12 million, the remaining $24 million will be in the form of non-tax supported debt. The debt will be repaid from rental revenue from the project.
The other social housing project will see the city purchase the former Brock Mission Shelter on Murray Street and convey it to Peterborough Housing Corporation.
PHC will then lease space back to Brock Mission to allow them to run their shelter, meal and accommodation programs without being responsible for operating and maintaining the building.