In an attempt to generate affordable housing construction in the area, Waterloo Region has made millions of dollars in funding available.
The region says it has $5,665,653 in available funding with $2,665,653 coming from the federal and provincial government, while the remainder is from the region.
The money is available for approved projects that would create new units, convert existing units into affordable rentals, allow for acquisition of land/property to build new housing and repair existing rentals.
“The region continues to prioritize affordable housing by providing funding for more units,” Regional Chair Karen Redman stated.
“We welcome proposals that will contribute to our goal of everyone having a place to call home in Waterloo Region.”
The funding is part of the region’s push to create up to 2,500 new affordable units over the next five years as housing and rental prices skyrocket in the area.
The region says it is accepting submissions until 2 p.m. on April 1.
Projects are expected to begin construction by next January with a goal of being completed by the end of 2022.