Kitchener land donation helps kick off affordable housing project in region
An ambitious plan to bring 10,000 affordable homes to Waterloo Region is officially underway, thanks to a land donation from the City of Kitchener.
The two acres of land across from Stanley Park Mall was officially donated to Habitat for Humanity Waterloo Region Thursday morning.
The parcel will be used for roughly 65 affordable homes, ranging from one to four bedrooms, be sold to low income households, and cost around $400,000 each.
"The city's giving us land estimated at $5.5 million," said Philip Mills, CEO of Habitat for Humanity Waterloo Region. "That's $5.5 million that we as a charity don't have to fundraise or develop, so that's right off the top."
The BUILD NOW: Waterloo Region partnership was announced in July of last year, which aims to create 7,000 for purchase homes and 3,000 rentals in the area by 2030.
"Folks came together from all across the community and said 'we need to do something and we need to do something big,'" said Mills. "This is a big problem and it needs a big solution."
The donation also comes as part of the $42.4 million Housing Accelerator Fund initiative, provided from the federal government to the City of Kitchener.
"The last big part of this is our development partners who are waiving their profit margins," said Mills. "They're working for cost with us. So you take out the land, take out the development charges, and take out the profit in housing, and we can get the cost dramatically reduced."
Construction on the new homes is expected to begin early next year and welcome homeowners in by 2027.
"What's cool about this is ownership and affordable ownership and perpetuity at scale, that's really exciting about the BUILD NOW project," said Mills. "This isn't just something that's a one time investment. These homes will be affordable forever.
"The more we build, the more affordability there is in the region."
CTVNews.ca Top Stories
Canada Disability Benefit needs to be safeguarded from clawbacks, MPs unanimously agree
The federal government needs to safeguard the incoming Canada Disability Benefit from clawbacks and do more to ensure it actually meets the stated aim of lifting people living with disabilities out of poverty, MPs from all parties agree.
Security guard shot, seriously injured outside of Drake's Toronto mansion
A security guard working at Drake’s Bridle Path mansion in Toronto was seriously injured in a shooting outside the residence early Tuesday morning, police said.
Testifying in hush money trial, adult film actor Stormy Daniels describes first meeting Trump
Stormy Daniels took the witness stand Tuesday at Donald Trump's hush money trial, describing for jurors a sexual encounter the porn actor says she had in 2006 that resulted in her being paid off to keep silent during the presidential election 10 years later.
King Charles too busy to see son Prince Harry during U.K. trip
Prince Harry will not be seeing his father King Charles during his current visit to Britain as the monarch will be too busy, Harry's spokesperson said on Tuesday.
opinion Tom Mulcair: Turfing Poilievre from House a clear sign of desperation by Trudeau Liberals
When Speaker Greg Fergus tossed out Pierre Poilievre from the House last week, "those of us who have experience as parliamentarians simply couldn't believe our eyes," writes former NDP leader Tom Mulcair in his column for CTVNews.ca
Apple unveils new iPad Pro with 'outrageously powerful' AI-powered chip
Apple is hoping its latest iPad lineup will breathe new life into its sluggish tablet market. In a pre-recorded live streamed event from its Cupertino, California headquarters, the company introduced the latest versions of its iPad Pro and iPad Air tablets, and an all-new Apple Pencil Pro.
Katy Perry's mom was fooled by AI images of the singer at the Met Gala
Katy Perry did not attend the Met Gala on Monday, but some of the singer’s fans – and even her mom – thought she did.
Your body needs these three forms of movement every week
Movement is movement, right? Not exactly. Here’s what your body is looking for in addition to your morning walk or yoga session, according to experts.
'It looked so legit': Ontario man pays $7,700 for luxury villa found on Booking.com, but the listing was fake
An Ontario man says he paid more than $7,700 for a luxury villa he found on a popular travel website -- but the listing was fake.