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
Trudeau acknowledges charges in Nijjar killing, calls for commitment to democracy
Prime Minister Justin Trudeau has acknowledged the charges laid Friday in relation to the murder of B.C. Sikh activist Hardeep Singh Nijjar.
No proof man lied to brother about number of kittens born in litter, B.C. tribunal rules
A man was denied a $5,000 payout from his brother after a B.C. tribunal dismissed his claim disputing how many kittens were born in a litter.
Bodies recovered in Mexico likely 2 Australians, 1 American who went missing: officials
Three bodies recovered in an area of Baja California are likely to be those of the two Australians and an American who went missing last weekend during a camping and surfing trip, the state prosecutor’s office said Saturday.
Princess Anne lays wreath at B.C. veteran's cemetery; receives 21-gun salute
Princess Anne paid tribute to veterans buried at a cemetery in British Columbia today, laying a wreath to honour the more than 2,500 military personnel and family members buried there.
Mystik Dan wins the 150th Kentucky Derby at Churchill Downs in a three-horse photo finish
Mystik Dan won the 150th Kentucky Derby in a photo finish, edging out Forever Young and Sierra Leone for the upset victory.
'I just can't believe that it took so long': Body found in wreckage 3 months after deadly fire
A man accused of arson in a January Old Strathcona apartment fire is expected to be charged with manslaughter after a body was discovered in the burned building late last month.
Quebec police hand out hundreds of tickets to Hells Angels and other bikers before 'first run' meeting
Quebec provincial police handed out hundreds of fines to Hells Angels members and other supporting motorcycle clubs who met for their 'first run' in a small town near Sherbrooke, Que.
Work stoppage possible as WestJet issues lockout notice to maintenance engineers' union
A lockout notice issued by WestJet to a union representing aircraft maintenance engineers could result in a work stoppage next week.
London Drugs begins 'gradual reopening' on 7th day after cyberattack
Almost a week after all London Drugs stores across Western Canada abruptly closed amid a cyberattack, they began a "gradual reopening" on Saturday.