Region, Feds team up to build more local affordable housing
Posted Feb 10, 2023 10:15:00 PM.
The Region of Waterloo is teaming up with the federal government to build more affordable housing.
The project, which officially broke ground Friday, would see more than 70 new units being built at 420 Kingscourt Dr., beside Conestoga Mall.
More than half would come with below median market rent, one-third geared to income. There would also be a mix of one- to five-bedroom units with a majority earmarked for women with children and other low-income households.
“This is such a good news announcement,” said Regional Chair Karen Redman. “The environmental thought that went into this by the design and the architects, the fact that we're moving quickly, that it's a co-op, that there's community space, that the community benefits program [is being] road-tested for the first time […], it is just such a good news story.”
In a release, the region said 19 of the units would have “enhanced accessibility” with barrier-free common areas, and the first floor would offer programming space for seniors and the broader community.
The full cost of the project has been pegged at around $39 million with the region on the hook for $26 million and the federal government chipping-in $5.5 million.
The region has also applied for $7.7 million in greenhouse gas reduction and energy efficiency funding but is still awaiting a final decision.
Construction is expected to be complete with units ready for rent by Feb. 2025.
