$50 million in additional funding for affordable housing in Peel

homesPeel’s regional council has approved over $50 million in additional funding to bring down the number of people waiting for affordable housing in Peel.

In June 2015, council approved $125 million for this term of office to support increasing the housing stock, families and individuals seeking affordable housing and the social housing system.

So far, about $19 million has been used to acquire condos now housing 40 applicants from the waitlist, provide rent supplements for 855 affordable housing units for one year, and aid 120 people in purchasing homes.

Building new units is considered the most effective strategy to reducing the number of individuals and families waiting social housing in Peel.

Last year, a request for proposals to build affordable housing stock in the region garnered “few responses,” she said.

With property prices up so significantly, developers aren’t keen on devoting resources toward developing affordable housing unless they make a larger profit.

Council approved a $50 million transfer from the region’s General Working Fund, $4.5 million next year and then $9 million annually from Ontario Works Benefits. Another $35.7 million over two years is expected from the provincial and federal governments.

Reports from the committee projected investments in affordable housing developments, projects and supports could deliver more than 300 affordable housing units. In excess of 200 units could accommodate people currently on the waiting list, the reports indicated.

“Providing housing for our residents is critical,” said Mississauga Mayor Bonnie Crombie, who noted her city has established an affordable housing task force.

“I think this investment we make today reduces the investment we need to make in the future,” she added.

But as the price of houses become unaffordable more families with every passing month, it is almost certain that providing affordable housing will be an even bigger challenge. – CINEWS

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