New affordable housing units coming to Kitchener

Four residential towers are expected to be built on the corner of Block Line Road and Courtland Avenue East.

Each tower will include approximately 450 to 500 affordable housing units, offering homes to those with low incomes – as well as seniors and newcomers to Canada.

The 6.5 acre site will be located right beside the Block Line light rail station.

The project will be overseen by Spotlight Development, based on a similar affordable housing model that the company created in Toronto which offers units that are both available to rent and to purchase.

The housing development project will be a collaboration with organizations such as Habitat for Humanity Waterloo Region, Trillium Housing, and Good Shepherd Ministries.

They will work together to create an application process for potential residents, as well as determine the cost of each unit.

Sherry Larjani, the founder and president of Spotlight Development, confirmed that rent for the units will be approximately 20 to 30 per-cent below market value.

She said that the price of purchasing a unit will also be determined by the group of organizations.

“We’re working with groups like Trillium and other partners where we offer creative solutions for mortgages where it helps people that might not qualify normally,” Larjani explained. “To be able to purchase a unit, they can do it through our system and in our project.”

Larjani added that the project has been able to move faster than expected due to positive support from Kitchener Mayor Berry Vrbanovic and the city’s planning department.

According to the Spotlight Development founder, preparations for the project including the beginning of construction and site planning are expected to take 12 to 18 months.

Once plans are in place, Larjani explained that development of the first tower would begin, and would take approximately two and a half years with the goal of having occupancy by 2028.

When it opens, the neighbourhood will include a 24-7 daycare centre as well as employment programs, senior’s programs, and financial services.