Councillors have voted to give Hamilton’s largest affordable housing provider a $1 million low-interest loan to repair hundreds of vacant units.
The loan, to come from the Hamilton Future Fund reserve, will help fix 476 units of various sizes and types owned by CityHousing Hamilton (CHH) and part of a backlog needing equity to repair.
The total cost of the repairs is pegged at $5.7 million.
CityHousing has set aside about $2 million through its own reserves and Canada Mortgage and Housing Corporation funding to help cover the rest of the monies needed.
Ward 3 Coun. and CityHousing Hamilton board chair Nrinder Nann, who brought the motion forward, praised colleagues for being “clearly aligned” on making resources available to put the units back circulation.
“We all know the challenge before us and working strategically with staff looking at the opportunities that are available for us and financially be nimble…to deliver units that otherwise were going to remain offline,” said Nann.
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The cash is conditional on the renovations being completed and the units ready for occupancy by the end of 2024.
Director of financial planning Brian McMullan told members at a late March shareholders meeting the fixes can be made for just under $6 million in a 12- to 18-month period.
The move is in conjunction with the updated CityHousing 2023-2027 Strategic Plan, which includes a priority to preserve and upgrade current housing stock.
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