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
Most of Canada to receive emergency alert test today
The federal government will test its capacity to issue emergency alerts today, with the exception of Ontario, where the test will take place on May 15.
OPINION What King Charles' schedule being too 'full' to accommodate son suggests about relationship with Prince Harry
Prince Harry, the Duke of Sussex, has made headlines with his recent arrival in the U.K., this time to celebrate all things Invictus. But upon the prince landing in the U.K., we have already had confirmation that King Charles III won't have time to see his youngest son during his brief visit.
Ontario man devastated to learn $150,000 line of credit isn't insured after wife dies
An Ontario man found out that a line of credit he thought was insured actually isn't after his wife of 50 years died.
Boy Scouts of America is rebranding. Here's why they're now named Scouting America
After more than a century, Boy Scouts of America is rebranding as Scouting America, another major shakeup for an organization that once proudly resisted change.
Stormy Daniels describes meeting Trump during occasionally graphic testimony in hush money trial
With Donald Trump sitting just feet away, Stormy Daniels testified Tuesday at the former president's hush money trial about a sexual encounter the porn actor says they had in 2006 that resulted in her being paid to keep silent during the presidential race 10 years later.
Rape, terror and death at sea: How a boat carrying Rohingya children, women and men capsized
In March, Indonesian officials and local fishermen rescued 75 people from the overturned hull of a boat off the coast of Indonesia. Until now, little was known about why the boat capsized.
'A huge difference': These adults born in the '90s partnered with their parents to buy homes in Ontario
An Ontario woman said it would have been impossible to buy a house without her mother – an anecdote that animates the fact that over 17 per cent of Canadian homeowners born in the ‘90s own their property with their parents, according to a new report.
For their protection, immigrants critical of China and India call for speedy passage of Canada's foreign interference legislation
Canadian immigrants threatened by hostile regimes are urging parliamentarians to quickly pass the 'Countering Foreign Interference Act' so they can feel safe living in their adopted home.
How Drake and Kendrick Lamar's rap beef escalated within weeks
A long-simmering feud between hip-hop superstars Drake and Kendrick Lamar reached a boiling point in recent days as the pair traded increasingly personal insults on a succession of diss tracks. Here’s a quick overview of what’s behind the ongoing beef.