Affordable Housing Investment Program

By mmuise
Description:

The Affordable Housing Investment Program provides limited grant funding to eligible non-profit and private sector entities to encourage affordable housing development. By acting as an initial funder, the City helps grant recipients overcome development barriers and attract investment from other orders of government.


Comments on Funding:

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Deadline: December 11, 2023-March 22, 2024
Eligibility:

Applicants must:

  • be non-profit entities;
  • be private sector entities;
  • have the following projects:
    a. affordable near-market rental;
    b. affordable homeownership (that is: rent-to-own);
    c. mixed-income developments with an affordable housing component;
    d. mixed-use developments with an affordable housing component;
    e. permanent supportive housing developments.
    f. rent-geared-to-income/deep subsidy.
  • developing affordable housing projects, in three streams:
    a) New Construction – Applicants must:
    i. be organizations constructing new affordable housing units;
    ii. be not-for-profit or for-profit corporations;
    iii. be targeted to shovel ready developments or for reimbursement anytime after construction but prior to occupancy;
    iv. own land or have a signed Purchase Agreement in place.
    b) Rehabilitation – Applicants must:
    i. be organizations in rehabilitating developments with existing affordable housing units;
    ii. be not-for-profit or for-profit corporations;
    iii. be targeted to shovel-ready rehabilitation developments or for reimbursement after rehabilitation has begun but prior to occupancy;
    iv. own land or have a signed Purchase Agreement in place.
    c) Indigenous Housing – Applicants must:
    i. be Indigenous organizations pursuing affordable housing development;
    ii. be majority Indigenous-owned not-for-profit or for-profit corporations;
    iii. intended for new construction and rehabilitation developments;
    iv. have developments which are either shovel-ready or reimbursed if construction is underway but occupancy has not yet been issued;
    v. own land or have a signed Purchase Agreement
Application Steps:

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Documentation Needed:

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Other Things to Note:

The spring 2023 application period for New Construction and Rehabilitation streams is now closed.

Proposals for the Indigenous Housing stream will be accepted until August 12, 2023 at 11:59pm.

About the author
mmuise