A $194-million investment for a massive affordable housing facelift has been endorsed by CityHousing Hamilton.
The federal government announced in the spring that it would invest $145 million toward the municipal inventory of social housing through the repair and renewal stream of its National Housing Strategy.
CityHousing Hamilton is responsible for $49 million towards the upgrades.
“Over the next eight years,” said CityHousing Hamilton CEO Tom Hunter, “we will be working at capital improvements to essentially 6,000 units across our portfolio.”
Hunter, speaking during a shareholder’s meeting on Monday, said the improvements will address affordability, accessibility and energy efficiency.
Hunter added that over the next 25 years there is an identified need for putting $400 million in capital into the CityHousing Hamilton portfolio.
Monday’s investment “is certainly beneficial to us, as we look towards meeting all those future capital needs,” said Hunter.
Hamilton Mayor Fred Eisenberger predicts the co-investment will certainly shorten the city’s affordable housing wait-list.
Hamilton-West Ancaster Dundas Liberal MP Filomena Tassi described it as a “historic” partnership during the initial funding announcement on April 26.
“When our society chooses to house people,” said Tassi, “we give our fellow residents, really our neighbours, the start they need to succeed and find a measure of prosperity.”