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Affordable Housing Funding Recommendation Approved for 24 Veterans Way in Huntsville

Affordable Housing Funding Recommendation Approved for 24 Veterans Way in Huntsville

Posted: 2022-07-21 10:31:54 By: thebay

The District of Muskoka approved a recommendation for capital incentive funding for affordable rental housing at 24 Veterans Way in Huntsville, in the Council meeting on July 19, 2022.

The agreement with property owners, Stephen Hernen and Kenton John Oben, applies to six new affordable 1-bedroom units, for a total of $480,000 or $80,000 per unit.

According to Director of Programs, Housing Division, Jackie Mattice, the owners are “also applying for additional density and reduction in parking.”

Councillor Rick Maloney said, “This is a great opportunity to put more affordable units in the marketplace,” and inquired about what an affordable rate might look like.

Mattice indicated the average rent per month in the market is $1006, and adds, “It’s typically higher…$1200, $1300, $1500 per month.”

In the case of the affordable housing funding agreement, rent is expected to remain at a lower rate through the duration of the 20-year agreement.

Where utilities are concerned, Mattice added, “The program level rentals are base rent” where utilities are included in rent, and adds, “Most cases developers are looking at managing costs, they don’t expect renters to sign up for utilities and pay for them. We encourage energy efficient development so rent is lower.” She suggested OESP as an option for renters should they have to cover utilities.