Region allocates $2.4M for new affordable rental units
Funding will help build about 21 new rental units in 2018
An estimated 21 new affordable rental units will be created by the Region of Waterloo after councillors agreed to allocate $2.4 million of social infrastructure funding for that reason.
Deb Schlichter, the region's housing services director, said some additional funding may be reallocated to create three or four more units as well.
Schlichter said while 21 units may not sound like a lot, it will help a number of people on the region's affordable housing wait list.
"It can make a big difference, because it just adds to the supply we already hav. It gives us that many more units to hand out," she said.
Need for single and large units
In the coming weeks, the region will be seeking proposals from the community for the development of the rental units.
Schlichter said the region mainly needs one-bedroom apartments for singles and larger units, with four or more bedrooms, for larger families.
"So if a proponent is interested in building something different than that, that's not going to meet our priority," she said.
Schlichter said the projects will need to move forward quickly to meet the region's timelines.
"We are hopeful that we have a number of groups that are interested — both the private sector and the non-profit co-op sector," she said.