The District of 麻豆社国产has agreed to a five-year partnership with Housing 麻豆社国产to support its mission of 400 affordable houses by 2029.
The long-term partnership will see a $2.3-million investment from the District dispersed over five years to help the society reach its housing goal.
At the Oct. 8 special business meeting, councillors unanimously decided they would fund the hefty contribution using annual taxation, the Canada Mortgage and Housing Corporation (CMHC) Housing Accelerator Fund (HAF) grant and the District鈥檚 affordable housing reserve.
The CMHC grant will provide the society鈥檚 funding for three years and will deliver $500,000 in both 2025 and 2026; and $450,000 in 2027.
The District has provided Housing 麻豆社国产with a $225,000 operating grant annually funded through taxation. This will continue for the five years, but from 2025-2027, the funds accrued will be put into the affordable housing reserve to fund the contribution when the CMHC grant ends.
In 2028, the District will provide $500,000 in funds using the annual taxation and affordable housing reserve; and $425,000 in 2029.
Housing Squamish
Housing 麻豆社国产was established by the District in 2022, with a three-year partnership agreement that is set to end in 2025.
As a result of this, 麻豆社国产Housing society made the budget request for a new partnership agreement at a committee of the whole meeting on Sept. 24.
鈥淭his budget request is an investment that will support Housing 麻豆社国产with leveraging partner funds toward a goal of 400 homes underway by 2029,鈥� Housing 麻豆社国产executive director Sarah Ellis wrote in a report to council.
鈥淲ith stable, affordable and accessible housing we know that 麻豆社国产can continue to thrive as a diverse, equitable, and resilient community.鈥�
Ellis added that since Housing 麻豆社国产became operational in 2022, the independent non-profit society has leveraged $900,000 in District contributions to access almost $11 million in pre-development and acquisition funds from other funding partners.
鈥淭hese investments have put us on the road toward building and/or protecting up to 200 below-market rental homes in our community in coming years,鈥� she said.
Ellis wrote that the need for affordable housing in the future is evident as rent and home prices continue to increase.
She noted that Housing 麻豆社国产received more than 200 applications for eight below-market homes in the Highline community, including from couples and single-parent families, singles, and seniors.
鈥淲e hear daily from community members who are living in insecure, unaffordable, or inadequate housing and in deep need, and are deeply aware of the transformative power of secure housing for residents and our community as a whole,鈥� she wrote.
Ellis added that an investment of just over $2.3 million over five years鈥攔anging from $500,000 to $425,000 per year鈥攚ould support Housing 麻豆社国产with 鈥渃ore operations and business development and could leverage up to $100 million in partner funding to deliver our target of 400 homes.鈥�
Council feedback
While council member opinions can sometimes be divided, all seven members were unanimous in supporting both the partnership and funding request.
鈥淚 think that this reflects the discussion that we had when Housing 麻豆社国产came forward with the request for the five-year partnership agreement, in terms of also aligning with our tax policy, of trying to keep taxation consistent over five years and trying to keep the affordable housing reserve relatively whole,鈥� Coun. Jenna Stoner said.
鈥淚 appreciate maximizing the use of the CMHC Housing Accelerator Fund in the interim, and then keeping our housing reserve full, because we know that there's going to be costs associated with trying to build new housing units.
鈥淪o for me, I think it's important to try and keep that housing reserve available for forthcoming capital costs, and recognizing that we can support the housing society in delivering affordable housing for our community by providing an operating grant over the five years鈥攁nd I think this is the smoothest way to do that.鈥�
Coun. Andrew Hamilton threw his support behind the funding option, despite encouraging council members at the previous committee of the whole meeting to use a larger portion of the District鈥檚 affordable housing reserve for the contribution.
鈥淚 know in a previous meeting, I had asked about the benefit of using more of the reserve funding to get Housing 麻豆社国产started. I think that there is a lot of value in having a reserve fund that is available for us to use on relatively short notice, to take advantage of potential opportunities,鈥� Hamilton said.
鈥淚t's pretty hard to have an affordable housing society that doesn't have some kind of access to resources, or we don't have access to resources to actually implement any of the capital plans that may come up. So I'll speak in support, because I think it is important to keep that reserve in place.鈥�
Similarly, Coun. John French agreed with the motion which he said was a priority for 麻豆社国产residents.
鈥淚 see this as a long-term investment that paves the way for significant future leveraging of potentially significant amounts of money through grants, and affordable housing is a priority for me,鈥� French said.
鈥淚've heard from our community that 麻豆社国产needs to support more affordable housing, and I think at this point, this is the best direction to take.鈥�
For more information on 麻豆社国产Housing visit the society's .
