District Buys Condo For Affordable Housing Initiative
The District of Muskoka is getting into the condo game. Last week District council signed off on the purchase of a condo unit on Second Street in Gravenhurst.
The District intends to convert the condo into an affordable housing unit, a tactic that has been used in other municipalities like Peel and the GTA. The move is expected to immediately allow the District to tap into up to $106,000 in funding available for such projects from the provincial government.
District staff said the move will also help to integrate lower and moderate income households into communities with diverse incomes.
Staff also proposed that going forward the maximum purchase price for a condominium unit should be $225,000, with a target price of $175,000.