City councillors voted in favour of fixing up close to 500 units of affordable housing sitting vacant across Hamilton at a cost of about $5.7 million, although they have yet to find the money.
The 476 units of various sizes and types are owned by CityHousing Hamilton (CHH) and part of a backlog requiring equity to repair.
Director of financial planning Brian McMullan told members at the shareholders meeting the fixes can be made for just under $6 million in a 12- to 18-month period via funds not a part of this year’s city budget.
“This particular item is being referred to the emergency services and to the general manager of Healthy and Safe Communities for a report back. So we’ll be looking at sources of funding for that,” explained McMullan.
Downtown (Ward 2) Coun. Cameron Crouch said the move equates to a spend of about $12,000 per unit and is much more cost-effective than trying to acquire new builds.
Councillors voted 12-0 on Monday to support the repairs with the goal to have all the units ready for tenants by the end of November 2024.
The move is in conjunction with the updated CityHousing 2023-2027 Strategic Plan, which includes a priority to preserve and upgrade current housing stock.
Over the next five years, CHH is expected to revitalize its current portfolio of more than 7,100 units with part of a $194-million commitment from the National Housing Co-Investment Repair and Renewal Fund as well as financial support from stakeholders.
It’s expected some 63 per cent of its aging housing stock will be repaired.
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