City Launching New Affordable Housing Project
The Windsor-Essex Community Housing Corporation is applying to build 150 new affordable housing units in the Meadowbrook area.
A report to city council estimates the total project cost at between $16-million and $39-million.
The build on the city's east side will see the CHC apply for $4-million in funding from the province, a $12.3-million mortgage through CMHC and financing from the city of between $12-million and $16-million.
The proposed location is at 3100 Meadowbrook Lane, just north of Forest Glade Dr.
Mayor Drew Dilkens says the plan would see rents repay the city's investment.
"The goal is to have a net zero cost to taxpayers but, also provide that amenity to the residents because we know there are many folks working out there who are working two jobs trying to make ends meet and affordable housing is an issue."
He sees the project as a win-win.
"The beautiful part of this is is that because it's affordable housing there's revenue received each and every month from the tenants and over time, all of the fees that are paid, whether it's the CMHC mortgage, whether it's the city's contribution, can actually be returned to the taxpayer by way of revenue received from rent," says Dilkens.
CHC owns and operates 4,708 units in Windsor-Essex and has a wait list of over 4,700 waiting for social and affordable housing.