Investment in Affordable Housing (IAH)
The Investment in Affordable Housing for Ontario Program will provide $480 million in federal and provincial funds for the creation and repair of affordable housing across Ontario over the next four years. $12.5 million has been allocated to the County of Simcoe. These funds may be used in five different components: new rental development, home ownership down payment assistance, renovations and repairs in ownership and rental properties, and two subsidy programs to reduce the rent payable by low income households.
The survey invited feedback on this program prior to recommendations being made to County Council in January 2012 on the use of the funds in Simcoe County. Thank you for taking the time to participate.
The deadline for the online survey was November 25, 2011. The survey is now closed.
HOMEOWNERSHIP PROGRAM
The Homeownership Program aims to assist low-to-moderate income renter households to purchase an affordable home by providing down payment assistance in the form of a forgivable loan. This Program provides renter households with the opportunity to move to homeownership thereby freeing up rental units, encouraging developers to build affordable housing and fostering demand.
HOUSING ALLOWANCE
The Housing Allowance Component has been designed to help address affordability issues of renter households by providing subsidy payments directly to clients. The benefit amount and target clients would be established by the County. This program works well for renters requiring a lower subsidy, such as seniors and low-moderate income working households.
ONTARIO RENOVATES
The Ontario Renovates component incorporates the suite of federal rehabilitation programs including the Residential Rehabilitation Assistance Program (RRAP). It is designed to allow the County the flexibility to target renovation and rehabilitation projects to address local needs. It encompasses repairs, renovations, rehabilitation, creation of secondary suites, accessibility modifications, etc. The program is particularly beneficial for seniors to allow them to ‘age in place’ and persons with disabilities who require unit modifications.
RENTAL HOUSING
The Rental Housing component would lead to the creation of affordable rental housing units. This could include new construction (including additions and extensions), acquisition, rehabilitation of projects that are in danger of being lost and conversion of non-residential buildings to rental units. The average rents would be at or below 80% of the CMHC Average Market Rent for the community.
RENT SUPPLEMENT
A ‘rent supplement’ is a subsidy paid directly to a landlord that would bridge the difference between what a tenant can afford to pay and the full market rent. This Program works well for households who require a higher subsidy due to a lower income base.