The National Housing Co-Investment Fund which provides low-cost loans and capital contributions for building new affordable housing shelters, transitional and supportive housing.
Many of the incentive programs and other activities permitted by an approved CIP can be combined with Federal and Provincial programs. The eligibility criteria for the Federal and Provincial programs requires municipal support and/or contributions, which can in the form of municipal financial incentives. This aligns with one of the key guiding principles of the Home, Together: Windsor Essex Housing and Homelessness Master Plan to leverage additional resources from all levels of government.
RISK ANALYSIS:
There is no risk associated with receiving this report for information.
The risk associated with creation of a Community Improvement Plan for affordable housing is relatively low. The risk that the CIP does not result in the development of new affordable housing units remains, especially if the economics for the projects still require heavy levels of subsidization from upper levels of government.
There is a moderate risk of some unintended negative consequences associated with implementing some of the regulatory changes cited in this report without a thorough analysis and consultation, particularly because there will be a number of municipal priorities competing for the limited funding.
FINANCIAL MATTERS:
There are no financial implications associated with accepting this report for information; however, any financial incentive program offered by the City would have a financial cost to deliver it. Some would be deferred or reduced revenue, and others would require the establishment of a direct funding source to pay the grants or loans. The specific financial implications of each program would be estimated in response to Council direction to implement a CIP for affordable housing.
CONSULTATIONS:
The Planning, Housing, Social Planning and Legal Departments were consulted in the preparation of this report, specifically:
Stephen Lynn – Manager, Social Policy & Planning;
Sonia Bajaj – Coordinator, Housing Administration and Development; and,
Wira Vendrasco – Deputy City Solicitor, Legal and Real Estate.
CONCLUSION:
There are a number of possible financial and development related incentives described in this report that could be used to encourage the development of affordable housing in