Project Funding

The applicant has stated that this project is reliant on government funding, and has applied to funding programs under the Provincial and Federal governments. While the applicant had requested a financial contribution of $2.4 million from the City, the City has not allocated any funding to the project in the 2021-2025 Capital Plan. Staff has been directed by Council to report back on options to provide more financial support to affordable housing projects in the city. A date has not yet been set for this report. Given the number of affordable housing initiatives throughout the city, and the current affordable housing funding structure, it is likely that if money is allocated to this project, it would be less than requested by the applicant.