Hamilton is to be the recipient of $145.6 million in Federal government funding to restore and retrofit more than 6,000 social housing units throughout the city.
Ahmed Hussen, Canada’s Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC), who is also a former Hamiltonian, made the funding announcement Monday morning (April 26).
The funding will be delivered through CMHC’s National Housing Co-Investment Fund (NHCF), which supports new and revitalization construction of mixed-income, mixed-tenure, and mixed-use affordable housing.
In making the announcement, Hussen noted that the 6,290 units slated to be updated will be prioritized for vulnerable groups, with nearly half of the units dedicated to seniors.
“Every Canadian deserves a safe and affordable place to call home,” Hussen said in a statement.
“Today’s announcement for the rejuvenation of nearly 6,300 affordable homes across Hamilton will improve the living standards and housing conditions for thousands of vulnerable residents and families across Hamilton.”
All 6,290 units under this agreement will exceed NHCF affordability criteria, with an average lease rate of 61.4 per cent of Median Market Rent (MMR).
Hussen was joined virtually for the announcement by Minister of Labour and Hamilton West – Dundas – Ancaster MP Filomena Tassi, who called the investment “historic.”
“This is an investment that will improve lives and make our city a better place,” she said.
“When people have safe and stable housing they gain the confidence to succeed and achieve their potential.”
CityHousing Hamilton is expected to receive two loans over a nine-year period under the NHCF for a total of $145.6 million in financial support. This a $58.2 million forgivable loan and an $87.4 million repayable loan.
Approximately 20 per cent of the units being refurbished are expected to have improved accessibility and all of the units will see improved energy efficiency.
“Safe, affordable housing is a critical determinant of health and wellbeing in a community, which is why addressing homelessness and affordable housing remains a top priority for Hamilton City Council,” said Mayor Fred Eisenberger, who was also part of the virtual announcement, in a statement.
“This funding demonstrates our collective commitment to safe and dignified housing for vulnerable members of the community and supports much-needed repair and renewal — improving accessibility and energy efficiency — to a large portion of affordable housing units that will continue to provide critical affordable housing for thousands of Hamiltonians in the years to come.”