other words, no annual operating subsidy will be required from the City. In addition, this development is expected to provide annual property tax revenue to the City estimated at $308,000 (combined municipal and education). This development is not considered to be financially material in comparison to the public housing portfolio administered by CHC and is not expected to change the requirement for full consolidation of CHC operations and financial disclosure requirements. Readers of financial statements are expected to utilize both the financial numbers in conjunction with the note disclosures however this may not always be the case.

Other funding from CMHC as well as the provincial funding received through the IAH and OPHI funding envelopes (estimated combined maximum value of $18.5 million) are considered to be non-repayable subject to terms and conditions of providing affordable housing for up to 20 years. As it relates to required financial reporting, at a minimum, it is expected there will be additional note disclosure required with regards to this amount until such time as the conditions for non-repayment have been met. It is noted however, that there may be a requirement to include this amount as long term debt as well on the financial statements. Administration is currently working with our external auditors with regards to proper financial treatment and disclosure.

The municipal guarantee of CHC’s funding from CMHC would be included in the annual note disclosures.

Consultations:

Debbie Cercone – Executive Director Housing & Children Services

Mike Deimling – Social Housing Analyst

Karina Richters – Supervisor Environmental Sustainability and Climate Change

Melissa Osbourne – Senior Manager Asset Planning

Hans Kogel – Windsor Essex Housing Corporation

Conclusion:

CHC is working towards securing additional funding with regards to the increased project cost which will enable the project to move forward at no additional cost to the City. The Meadowbrook development is expected to provide residents with a comfortable and healthy environment with a strong emphasis on building community through vertical neighbourhoods.