Federal and Provincial Government Fund $2.5 Million To Provide More Affordable Housing In Peterborough-Kawartha

The Government of Canada and the Province of Ontario have funded $2,457,000 to help create 63 more affordable community housing units for the Hunt Terrance on 555 Bonacord St., announced on Monday morning.

Jeff Leal, Peterborough mayor (left), Dave Smith, Peterborough-Kawartha MPP (middle) and Bonnie Clark, Peterborough County warden at the Hunt Terrace on 555 Bonacord St. Amenities in the building include dining room with meal options, laundry facilities and a common room. Photo by David Tuan Bui.

“What it does is it reduces the actual operating costs for the building because we're cutting that mortgage down by $2.5 million,” explained Dave Smith, Peterborough-Kawartha MP. “That mortgage payment on that amount is not going to be factored into what they have to have in order to operate it so it gives them the flexibility then to lower the cost on 63 of the units in total.”

The funding is part of a project investment of over $46 million through the Canada-Ontario Community Housing Initiative (COCHI) to create 267 affordable housing units across the province according to a press release.

Hunt Terrace is a six-storey building that has 85 units in total including both one- and two-bedroom units. There are specific units for those who require health and/or housing support which is provided on-site through community partners.

“555 Bonaccord is a unique building for PHC (Peterborough Housing Corporation), offering both market and affordable units in a multigenerational setting,” said Hope Lee, PHC CEO. “The ground floor commercial space offers several amenities such as on-site offices for support partners, common spaces for tenants, meeting facilities for the public and dining options for both tenants and the public. The COCHI funding is a much-appreciated contribution towards our capital costs.”

"Our community is working together to build affordable housing, to build homes,” said Jeff Leal, Peterborough mayor. The dedicated team at the City’s social housing agency, Peterborough Housing Corporation, led a true community effort to build the $31.1-million, 85-unit second phase at Hunt Terraces that includes 65 community housing units and 20 market rent units.”

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City Of Peterborough Consulting the Public On Creation Of A Municipal Services Corporation For Affordable Housing

The City of Peterborough is consulting with the public on the creation of a Municipal Services Corporation for Affordable Housing to allow it to manage the debt needed to build affordable housing in the community.

Photo courtesy of Peterborough Housing Corporation.

The public is invited to review the information about the project and provide feedback at connectptbo.ca/msc.

Setting up a Municipal Services Corporation, or MSC, would allow the City to retain control over future housing development projects. As well, a MSC that operates as a Government Business Enterprise (GBE) would alleviate debt capacity issues for the City, which would enable new approaches to developing rental housing.

Results of this consultation will be included with recommendations for the creation of the Municipal Services Corporation in a report that is expected to be considered by Council in May.

More information, including background on Municipal Services Corporations and previous reports to Council are available at connectptbo.ca/msc.

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Federal Government Is Financing $8.5 Million To Help Construct 3-Storey Rental Unit In Peterborough

Maryam Monsef, MP for Peterborough-Kawartha, announced that the federal government is financing $8.5 million to help construct a three-storey, 27 rental unit building located at 888 Whitefield Drive in Peterborough.

The 888 Whitefield Drive development by Parkview Homes is receiving financing through the Government of Canada’s Rental Construction Financing initiative (RCFi), a National Housing Strategy program delivered by CMHC that supports rental housing construction projects. The program encourages a stable supply of rental housing for middle-class families struggling in expensive housing markets.

Maryam Monsef making announement on Livestream Friday, February 5th, 2021

Since 2019, the Government of Canada has now invested nearly $25 million to build housing in Peterborough-Kawartha with other projects at the Brock Mission, Habitat for Humanity Peterborough, and Water Street.

That is in addition to prior housing investments for projects at The Mount Community Centre, Ontario Aboriginal Housing Services, and Peterborough Housing Corporation’s McRae project.

“COVID-19 has reminded us that nothing is more important than a home,” says Monsef. “As we all do our part to contain the spread, homes have become a sanctuary—a place of safety and refuge in challenging times. Today’s announcement means more than $30 million has been invested by the Government of Canada to renovate, subsidize and build 1,600 housing units in Peterborough-Kawartha. That’s 1,600 families with a safe roof over their head, 1,600 families who get to live, grow, and excel in this community we are all fortunate to call home. And there is more to come.”

“Peterborough has a significant need for more safe and accessible housing,” adds Mayor Therrien. “I would like to thank MP Monsef for her work to push this project forward, as well as CMHC and Parkview Homes for their commitment to providing secure, energy efficient units that meet the needs of our community.”

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Naked Truth Campaign Begins To Bring Awareness To Affordable Housing Shortage In City

Naked Truth Teaser ShotA new campaign, "The Naked Truth About The Affordable Housing Shortage in Peterborough", has begun.

Some of the stats from a teaser press release that went out:

Naked Truth #1: At 1,500 families, Peterborough has one of the longest waiting lists for affordable housing.

Naked Truth #2: 25% of Peterborough tenants are paying more than half of their income on rent. In some cases, people are paying up to 80 percent of their income on rent.

Naked truth #3: More than half of Peterborough renter households can't afford a one-bedroom apartment.

According to the release, "there is hope and one group of Peterborough women are taking matters into their own hands."

Follow @PtboCalndrGirls on Twitter and "Like" Peterborough Calendar Girls on Facebook for updates in the coming weeks and to help spread the word about the Naked Truth campaign, which officially kicks off early October.

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