The Corporation of the County of Lanark (hereinafter referred to as the County), is seeking proposals from proponents wishing to create additional affordable housing units in the County and/or the Town of Smiths Falls either through developing new buildings or through renovations of existing buildings.
The County’s Social Housing department as a Service Manager is responsible for administering capital funds allocated through the Social Infrastructure Fund (SIF). In our area for 2017, $1,200,000 will be used for projects that will increase the supply of safe, adequate and affordable rental housing.
The SIF Rental Housing component will fund up to 75% of the total capital cost per unit or $150,000 per unit, whichever is less. Total capital costs include land, financing, hard (construction) and soft costs (consultant fees, design costs) less any HST rebate. Funding would be provided as a forgivable capital loan. A successful proponent would be required to commit the new or renovated housing unit(s) to providing affordable housing for thirty (30) years.
Funds may be used for a new build or for renovating existing structures. Units must be modest relative to community norms in terms of floor space and amenities, with rents at or below 80% of the average market rent for the service area as determined by the Canada Mortgage and Housing Corporation for the entire loan forgiveness period.
