Hastings County lost its bid for government financial support for more housing projects but continues to look for new opportunities.
A report to the Community and Human Services Committee on Wednesday indicated that although the county had lost its bid to obtain funding, it is continuing to look at other options.
Director Connor Dorey said, “We’re going to continue to advocate for the different federal programs and how we need this external funding for our local projects.”
“A lot of these projects are requiring multiple funding … to see come to life. So it’s finding a way to layer those different sources and that’s something that we’re working on right now.”
Dorey said there were approximately 7,000 applications received with 2,000 projects being approved.
Hastings County was not approved for Rapid Housing Initiative funding.
Dorey said, “This is discouraging to say the least but it is one where staff are now looking at other options within what funding sources might be available to see this project come to life. Really looking at what’s needed for this project.”
He added, “Some of the programs we’re looking at are financed through Infrastructure Ontario. The Co-Investment Fund through the Canada Mortgage Housing Corporation. There are different programs out there that we might be able to lean on. One thing with the Rapid Housing Initiative, all units needed to be rent-geared-to-income … we’re evaluating what is the business model, what rents are charged, based on the number of units and the amount to get to a point where it’s financially feasible.”
The Homeowner Assistance Program (HOAP) was first implemented in 2008 to assist first time homebuyers with down payments throughout Hastings County. The HOAP Revolving Loan Fund (RLF) was established to receive repayments of down-payment assistance from previously approved HOAP participants who sold their home prior to the expiration of their HOAP agreement (HOAP funding is forgivable after 20 years).
