An announcement made by the City of Windsor may soon mean more affordable housing.
Windsor Mayor Drew Dilkens announced during Monday's city council meeting that the city is planning to submit an application to the Canadian Mortgage and Housing Corporation through the CMHC's Investment in Affordable Housing program (IAH).
The plan was drawn up during an in-camera session before Monday's meeting and shared with the public during the open session.
The project would consist of 150 affordable housing units in the Meadowbrook Lane area of east Windsor, with a total cost of less than $39-million.
Dilkens says money would come back through the rent generated by these units.
"Because it's affordable housing, there's revenue received every month from the tenants," says Dilkens. "Over time, all of the fees that have been paid, whether it's the CMHC mortgage, whether it's the city's contribution, can actually be returned to the taxpayer by way of revenue received from rent."
Based on a 150-unit development, the city would contribute about $11.6-million. The rest would come from a CMHC grant of $10.8-million, a CMHC mortgage and an IAH loan.
Dilkens acknowledges that the real estate market has made it difficult for singles, younger families and lower-income residents to find affordable housing, and a development like this will address that.
"There are folks who can't afford to be part of that market," says Dilkens. "This is our opportunity to recognize that, to build 150 affordable housing units, but to do it in a way that I think actually makes sense."
Councillors unanimously approved to plan to submit the application before the end of the calendar year.